Buying a Southern Maryland house? Take this short quiz first:
Should you get preapproved for a loan before you start house hunting?
If you answered, “yes,” then ding, ding, ding! You’re correct.
There are four good reasons why you should get preapproved for a home loan before you start shopping. All of them will reduce the stress you feel during the process.
No Wasted Time
It’s tempting to dive right into searching Southern Maryland listings and attending open houses. But if you don’t know how much you can afford, you’re wasting your time. Find out first how much you can afford. Don’t wait until you’ve fallen in love with a house to find out. Getting preapproved gives you a budget. Once you have that number, you can start searching for Southern Maryland homes you can realistically buy.
Find Credit Issues Early
When you apply for preapproval, the lender will do the same verification of your information that it would do if you were applying for a loan. The lender will look at pay stubs, W-2 forms, federal tax returns, and bank statements. The bank will also run a credit check. You’ll be notified immediately with any problems with your credit, giving you time to fix everything before you want to apply for financing.
Sellers Love Preapproved Buyers
When you get preapproved for a loan, you’re proving to the seller that you’re able to get financing. Think like a seller for a moment. Which buyer would you prefer? One who is preapproved for a loan, or one who hasn’t even started the process yet? Some sellers won’t even consider offers from buyers who have not been preapproved. Get your foot in the door by being a preapproved buyer.
Maximize Your Agent’s Skills
Want your Southern Maryland real estate agent to help you find your dream home as quickly as possible? Give him or her all the information. This includes where you’d like to buy and what features you must have in your home. The final piece of data your agent needs? Your budget, which you will get from being preapproved. Your agent can narrow listing searches to find the home that is right for you.
If you’ve got questions about getting preapproved, contact me! I can point you in the right direction: http://kimberlybean.com/contact/.