If you are planning to buy a house, it is always a good idea to get your mortgage pre-approved. Why?
Here are the answers-
1. It will help you determine your financial ability to buy a house. You know your affordability. Also, after shopping around you can get the best mortgage rates with other best terms and conditions.
2. Also, if you have a pre-approved mortgage, your will stand a better chance of getting your offer accepted. At times, sellers are interested in dealing with only those buyers who have their mortgage pre-approved.
3. In case, you don’t have mortgage preapproval and your offer is being accepted. You normally have five business days to get the mortgage for the property you put the offer for. Sometimes it is a big hassle and you end up getting a mortgage at a high interest rate.
Once your mortgage is approved, you have crossed one of the biggest barriers to your home buying. You can now start your home search with confidence. Next task is hiring a realtor, a realtor who understands your needs and has patience to help you find the right house. Once you hit the market, it becomes easy to do your search. When you find the right house, it becomes easier for your realtor to negotiate on your behalf as he already has the letter of preapproval. Believe me, things becomes easier with the right tools at place. Therefore, if a seller has to choose between two offers, one with approval will always have a better chance of winning the game.
You will find a lot of mortgage consultants of different credibility in the market. You want to work with a qualified mortgage consultant who will help you make an informed decision. Choose your consultant carefully. For hiring a reliable mortgage consultant, you can always choose to work with Teamkbsingh. We work with a team of consultants of good repute. They know and understand the needs of home buyers. In case of any challenges faced by you, they also provide you with the best solutions and honest advice. So, before you go for your home search, talk to Teamkbsingh and get an honest advice about your pre-approval of mortgage. We will help you get connected to reliable mortgage consultants and help make your home search journey a memorable experience.