Obtaining
a pre-approved mortgage is a great way to begin your home
buying process. With mortgage approval, you are in a better
position to negotiate with Sellers. You will also be able to close
on a property more quickly than other Buyers could. A secured mortgage
approval shows the Seller how serious you are about his property,
and it will make the Seller more comfortable working with you. In
a "Seller's Market," or where the number of properties
on the market is limited, a pre-approved mortgage is essential.
Many
Buyers apply for a loan and obtain approval before they find the
property they want to buy. Why? Pre-approval will help you in the
following ways:
- Generally,
interest rates are locked in for a set period of time. You will
know in advance exactly what your payments will be on offers
you make.
- You won't
waste time considering homes you cannot afford.
- A Seller
may choose to make concessions if he knows that your financing
is secured. You are considered a cash Buyer, and this may make
your offer more competitive.
- You can
select the best loan package without the pressure of time.
Mortgage
Calculator | Choosing
a Mortgage Lender
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