Why You Should Be Pre-Approved
When shopping for a home, you’re going to be asked at some point whether you’ve been “pre-approved” or whether you have mortgage “pre-approval.” You’re going to want to answer “yes” to these questions — buyers who can are in a much better position to purchase a home. — Trulia: “What is a pre-approval and why do you need it?“
NEW YORK — Labor Day is now behind us and the fall selling season is about to begin. One of the most important things you can do in preparation of searching for a new home is to get yourself pre-approved for a mortgage before you need one.
There are basically two reasons for this.
One is that most buyers don’t know exactly how much they can actually afford to spend until they have met with a mortgage professional. (If you are a freelancer, working with a mortgage broker might be your best bet.)
The second is that in order to make an offer on a property you must supply the listing broker with a copy of your pre-approval letter.
As mortgage rates drop and the real estate market continues to improve in Manhattan, Brooklyn and Queens, we are seeing more and more instances in which there are multiple buyers bidding on a particular property. The buyers that are prepared with all of their paperwork in order are the most desirable to the sellers even if their offer is not the highest.
The reasons for this are listed in the article below; I hope you find it helpful.
If you are thinking about buying and would like me to recommend a mortgage professional to you, please let me know. And, as always if you or someone you know is ready to buy, sell or rent property in the city, please let me know.