“Mise en place” is the French term for having all your ingredients ready to be used before you start cooking. It makes things go smoother and prevents things from being forgotten. Similarly, becoming pre-approved for a mortgage puts the rest of the home buying process “in place.”
- It will save time from contract to closing if you are pre-approved.
- Sellers expect agents to show homes to only qualified buyers.
- Don’t waste your valuable time searching for something that is not possible
- Don’t suffer embarrassment of not being approved after negotiating a contract.
- Don’t spend money on inspections, appraisal and other fees unless you will be approved.
- It may be the deciding factor to accept your offer if you are in a multiple offer scenario.
- It removes doubt in the seller’s mind about whether the contract will actually close.
- You’ll feel comfortable that you can afford the price home you want to buy.
- If something comes up on the credit report before you find a home, it can give you time to correct it.
- The confidence of pre-approval increases your negotiating power.
- Most good agents won’t work with buyers who are not pre-approved.
- Peace of mind knowing you can be approved on the home you want.
Think of pre-approval as the prep time for your home purchase. If you’d like a recommendation for a trusted mortgage professional, give me a call at (703) 707-0334.