Natalie Burnside, The Cobb Group brokered by eXp RealtyPhone: (843) 295-1178
Email: [email protected]
Email: [email protected]
Getting preapproved for a mortgage is an important part of the home buying process. While technically not required before you begin your home search, there are some key advantages to getting preapproval from a lender before you get too deep into the process.
Here are some of the main reasons why to consider getting preapproved for a mortgage:
Cost is one of the major factors you’ll be dealing with in finding a new home. A house is a significant investment and one of the biggest purchases you’re likely to make, so it’s crucial to understand your financial situation clearly early on.
Mortgage lenders will examine your finances, using things like credit history, investment account statements and debt-to-income ratio.
With this careful analysis of your financial situation, a mortgage preapproval can help you determine how much you can afford to spend on a house before you start looking. It will help you estimate how much of a down payment you can offer and how high an interest rate you can comfortably afford while paying back your mortgage.
The real estate market is constantly changing, both across the country and across your local area. Economic shifts can make a huge difference in the availability of homes for sale and their prices. It can also make a difference in how much competition you’ll have for the same property.
Getting mortgage preapproval will give you an advantage over other potential buyers because it will communicate to sellers that you’re financially qualified and less of a risk.
As long as you don’t make any major changes that could affect your financial status, having mortgage preapproval shows you have the financing to back you up. Sellers may be more likely to choose you over another buyer if they have the reassurance of your mortgage preapproval letter.
While the mortgage preapproval process itself might seem daunting and complicated, the benefits can certainly outweigh the inconvenience. Keep these advantages in mind when considering whether to get preapproved for a mortgage.
Originally from the midwest, Natalie and her husband Brian spent many years following his career but knew they were forever home when they made it to the Lowcountry. During vacations on Kiawah Island, they would dream of retiring to the South Carolina coast. When an opportunity presented itself to move to Bluffton much earlier than they envisioned, it was a “no brainer” and has proven to be one of their family’s best decisions. The two things Natalie loves most about the area are the community’s welcoming attitude and the always changing, but consistently breathtaking, views from the Lowcountry bridges. “It seems that everyone you meet in Bluffton and Hilton Head loves their community and genuinely wants you to fall in love with it, too…whether it’s for a week of vacation or to plant your own long-time roots.”
