There was a time when purchasing a new home simply meant having a short conversation between buyer and seller, a visit and handshake with the local banker, and then a joyous closing with the transfer of ownership. To top it off, all of these transactions would take place in less than 30 days.
I am sure few of you reading this have experienced -- or even remember -- a time like that. Regrettably, those days are no more; purchasing a home in today’s current market truly requires a team of competent professionals to guide a buyer through the process.
The face of real estate has changed forever -- especially after the housing crisis and recession of 2008. Nowhere has there been more significant change and regulation than in the area of mortgage lending. However, there is one thing that continues to be an essential, if not required, element in the purchasing of a new home today: a Mortgage Loan Pre-approval.
Without a mortgage pre-approval, you will experience the following challenges:
- You’ll never know what kind of loan you can qualify for;
- Most experienced realtors will not want to work with you;
- Fewer sellers will entertain your offer;
- You may not be able to purchase the type of home you want;
- You will win fewer contracts.
Contrary to popular thinking, your very first step in the home buying process should not be meeting with a realtor or looking at homes. Rather, it should be obtaining your mortgage loan pre-approval letter (which again, most knowledgeable realtors will require you to have). With today’s technology, it couldn’t be easier. A reputable and experienced loan officer can issue you a pre-approval letter in as little as one hour, and usually at no charge.
Position yourself to stand out as the homebuyer of choice by obtaining your mortgage loan pre-approval letter. This is the surest way to secure your dream home in today’s complex and competitive marketplace!