Pre-Approved Home Loan

It is a common say that if you are shopping home get pre-approved. You must have encountered the real estate agents stating that it is essential to get pre approved or apply for a loan as a first step. It is true of course! In fact most of the real estate agents would not let you step in their cars if you’ve not spoken to a lender beforehand. You must be well qualified and sure to but a home only then will they show interest in you. The home sellers also demand that the loan lender letter must accompany all offers to the purchase. There are various advantages of Pre-approved Home Loans than you can think of. A few are listed below.

Advantages of Pre-approved Home Loans:


It enables you to get the pre-approval of the amount you can borrow from the bank. It gives you a peep into the amount you can have and can accordingly look for a home for yourself. The bank well confirms your financial status and gives you the pre-approval certificate on it. The approval also considers the type of property you are interested in and various other conditions.
A conditionally Pre-approved Home Loan also helps you improve the bargaining power. As with the home loan pre-approved certificate you are in a better position to buy as the seller knows that you already have the finance conditionally approved. This makes your offer more luring as the many buyers in reverse situations may not be able to arrange finance.
Having the certificate also boosts your confidence to deal as you are sure of what you have and how much you can go for. It also helps you to consider the apt houses within your range. So this will save your time as well as let you move into your dream home sooner and in an easier manner.
Even if you get the certificate you are not obliged to the bank to make its use for sure. There is no cost involved and is free of cost. Suppose you do not like any of the homes presently you do not either have to take the home loan.
When you find the suitable home the final application is very easy as all the work is already done. And you can soon shift into your new home.
Also as long as your financial situation is unchanged the bank can extend the validity of the certificate if you are unable to find the right home for yourself.
It may also help you get the hard offers. And as you anyhow have to go for the whole procedure why not beforehand?
You should call various Pre-approved Home Loan lenders and compare the rates and then select the one most suitable as per the scheme. Select the one suiting your personal and financial needs. Do consider as how long are you going to stay in the home and whether your income is going to rise in coming time. And lastly be patient as the loan approval may take a few weeks depending upon the particulars and your lender.

Remember your offer will be preferred than the offers of the other competitors without Pre-approved Home Loan letter.

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