First Time Home Buyers - It Pays to Get Pre-Approved

If I could share just one bit of advice with first-time home buyers, it would be to take the time to get pre-approved for a mortgage loan.

I know that doesn’t sound like much fun. Certainly not as much fun as house hunting, walking through homes for sale and imagining what your life would be like living there.

Getting pre-approved, though, doesn’t take that much time and can make every other step in the home buying process easier.

What is Pre-Approval?

Pre-approval is like getting the green light from your lender, who checks your credit history, verifies your employment and reviews your financial statements. Once you are pre-approved, you’ll get a “letter of pre-approval” saying that you qualify for a certain loan amount.

Getting Pre-Approved Makes Everything Easier

I’ve seen a lot of first-timers find a home they really like only to get stalled during the mortgage application process. You can avoid all that stress and frustration by getting pre-approved first.

• If there are items in your finances that need attention, your lender can help you address them before you start house hunting.
• You’ll get an idea of what loan amount you qualify for – and understand what houses are truly in your price range.
• You’ll be able to show real estate agents and sellers that you’re a credible buyer – and they’ll move more quickly on any offer you make.
• Pre-approval will also speed up final approvals and closing – which can get you into your new home faster.

Pre-Approval is Free, With Absolutely No Obligation

There’s no charge to get pre-approved. Plus, there’s no obligation to actually take out a loan or even buy a house. So, why not get pre-approved? You’ll be able to house hunt with confidence and move quickly when you find something you like. That’s why it’s the one bit of advice I always try to share.

First-Time Home Buyer’s Guide

If you’re thinking about buying your first home, a great place to start is with our First-Time Home Buyer’s Guide, which provides all sorts of advice, tools and tips for the home buying journey. It will give you a clear picture of what to expect all along the way. View or download the guide today for the information you need to make a sound financial decision.