It is easy to get excited once the decision to purchase a home has been made. For this reason, it is important to take a step back and remember that there is more to buying a home than just finding the perfect property. Rather than going out and immediately viewing all of the properties for sale, you should first get pre-approved. This will save time and avoid other major headaches down the road.
- Makes Your Purchase Offer Stronger
- Ability To Make Offers Faster
- View More Properties (some agents will not show houses to non-pre-approved buyers)
- Know How Much You Qualify For In Advance (View houses in your price range)
- Know Your Approximate Monthly Payment Amount Upfront
- Connections To Other Trusted Individuals (Realtors, Insurance Agents, & Title/Escrow Companies)
Q: How long does my approval last?
A: Generally, a pre-approval will last for a few months assuming no major financial life changes occur.
Q: Are all Pre-Approvals the same?
A: No. The information provided is always similar, but each mortgage company has its own process when it comes to pre-approvals. Working with a direct lender, like Bluefire
Q: What documents do I need to gather?
A: Some standard documents needed are Tax Returns, Pay Stubs, Bank Account Statements, and driver’s license
Q: Can my pre-approval amount increase later?
A: Yes, the amount you are pre-approved for could increase or decrease depending on the circumstances.
Q: Should my Pre-Approval amount be tailored to each offer?
A: Sometimes. This is a great question for your realtor as it depends on the exact situation.