Get Pre-Approved if You’re Serious about Home Buying

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Get Pre-Approved if You’re Serious about Home Buying

In today’s market, the demand for homes greatly outweighs the amount of inventory available. The trend has led to a high amount of competition between buyers, and the need to stand out is increasingly important. One way to make your home buying experience more successful is to pre-qualify or get pre-approved for a mortgage before starting your home search.

With the housing market as competitive as it has been, having an idea about your budget will certainly boost your confidence in the home buying process.

An article in the My Home section of their website, Freddy Mac lays out the advantages of being pre-approved:

Mac explained that working with a local real estate professional has the opportunity to get you into a network of lenders who can help you get pre-approved. You will need to fill out their application and provide them with personal information such as credit score, work history, down payments, etc. to make your home buying process easier.

Get Pre-Approved if You’re Serious about Home Buying Here are the 4 Cs as identified by Freddie Mac in the approval process:

Capacity represents the ability of the buyer to make current and future payments.
Cash Reserves or Capital refers to investments, money or savings that buyers can sell quickly for cash.
Collateral speaks to the home or type of home which the buyer is interested in purchasing and Credit represents a home buyer’s history with bills, debt, etc.

Having pre-approval before you begin your home buying journey will give home sellers the impression that you are serious about buying. This often aids in speeding up the process of your offer being accepted.

Bottom Line

Many potential home buyers tend to overestimate the credit scores and down payment rates required for today’s current mortgages. If you are considering buying a home, you may be very pleased with your ability to purchase a home in today’s market.

Are you looking to own a home in the Ballantyne area? We can help with that! Give us a call us at 704.997.3794 for information on our Ballantyne Homes for Sale.

Have questions? You may also send us a message here and one of our real estate consultants will be happy to help you.

If you decide you don’t like your home we will sell it for free. *some conditions apply*

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