With concerns about the Coronavirus heightening every day and information updating nearly constantly, droves of Coloradans are coming together to help their neighbors far and wide. It’s important
Home Buying 101 Why You Must Get A Mortgage Pre Approval
The terms “prequalified” and “preapproved” sound almost exactly the same, however, when it comes to mortgages there are several differences between the two that first-time homebuyers need to understand. Before starting your house hunt it’s great to get prequalified for a mortgage, but with a little extra time and effort, getting preapproved for a loan can put you at an advantage when negotiating the purchase of a new home.
What’s the difference?
Getting a prequalification on your home mortgage is simply a basic step. It’s like a fact-finding mission and doesn’t really signal to sellers that you are a true buyer.
A prequalification from a mortgage lender tells you the types of loans that are available, how much they may be willing to lend to you and what your payments could possibly be. When a buyer gets a preapproved mortgage from a lender, it sends a clear signal to the seller, which is that you are a real contender.
Getting a pre-approval letter means the bank has done its due diligence and they are ready to lend you money. As a buyer, this is great because you no longer have to worry about making an offer contingent on financing.
Another great thing about getting a pre-approved mortgage is that it will lock in your interest rate for a set time period while you house hunt. You know exactly how much you can spend and you know what your monthly mortgage payments will be thanks to your mortgage pre-approval estimate. You are in a much better position to buy the home you want with a mortgage pre-approval letter in your hand.
If getting a pre-approved mortgage is the first step in any successful house hunt, finding an experienced and knowledgeable agent is a close second. If you’re ready to become a homeowner, contact Metrowest today – we’d love to help you start the process.
Latest Blog Posts
For years Denver has been considered one of the hottest markets in the country for real estate and expansions. However, at least among local commercial and real estate pros, it appears that trend
https://www.denveribuyers.com/blog/im-relocating-and-need-to-sell-my-house-in-denver/Sell your house fast with multiple offers to chose the right one and net the highest $ to you! Fast, flexible