A Scary Situation
“Do I really have to get pre-approved?”
Happy Halloween and welcome to one of my scariest topics yet: pre-approval. Believe me I know, no one wants to talk about his or her finances. If you’ve already spoken to a real estate agent, they’ve probably asked if you’ve been pre-qualified or have spoken to a lender. I assure you, we ask for good reason and I’m going to give you a few!
1. Pre-Qualified means exactly that. You may have a rough idea in mind of what you’d like to spend, but it’s hard to pin down a number when you can’t put it all together. Lenders can pull interest rates, homeowner’s insurance and taxes altogether to let you know a comfortable range that you can afford. As painful as you may think it is, it’s easy and relieves the stress of “how much will this cost us a month?”
2. This leads to number two, which is proof that you’ve taken steps forward. You wouldn’t believe how often realtors show homes and never hear from someone again. Worse than that, they show twenty homes only to find out that their client can’t afford any of the homes they’ve liked! Being pre-qualified lets me know that you are serious about searching for a home and gives me the confidence to put all of my effort into finding you the perfect home. If I know that you are pre-approved, I’m going to do my absolute best to find what is perfect for you.
3. That house you love can now be yours! Your leverage on buying a home significantly increases when you have a pre-approval letter. In fact, most selling agents would not advise their clients to accept offers that don’t have a pre-approval. You are showing the homeowners that you want to make their home yours.
4. Your lender is a resource. Along with your real estate agent, your lender is going to be a huge resource in your home search. They have up-to-date knowledge on interest and insurance rates and well as the best loan programs for you.
At Realty Professional Group, we work very closely with Ed Pirrung from RMS Mortgage. Not only does he work hard for every one of his clients, he’s worked extremely hard for us. My husband and I purchased our home before I became an agent and Ed was our loan officer. He was so helpful through the entire process and has been a trusted resource for us ever since. If you’re ready to start your search, I encourage you to talk with Ed and let us guide you through this exciting journey. You can take a look at everything Ed does at www.loansfromed.com or give him a call at (717) 305-0054.
Happy Halloween and Happy Searching!
Devan Brooks – Devan.Brooks@yahoo.com