If some home buyers don’t enjoy getting a pre-approval, it’s even more so that realtors don’t enjoy reminding buyers about the need to get a pre-approval. How great it would be if realtors can just get on quickly with showings anytime any new buyer asks for a showing, knowing that 100 % of all buyers will be approved by any mortgage bank for a home loan and for any amount of loan any time.
But sadly, it is not so. Mortgage banks do not approve all loan applications and certainly do not give in to all requested amounts, especially now that the banking sector is still suffering the consequences of their role in the housing meltdown. With this mortgage reality, prospective homebuyers should not feel offended when realtors ask them to get a pre-approval first before going deeper into the home search process. It’s nothing about trust or prejudice; it’s asked of all home buyers. It’s not only for the benefit of the agents; it’s much more for the benefit of the homebuyers.
Why does pre-approval benefits you as a home buyer more than the agent?
1. Early diagnosis of credit problems
A request for pre-approval prompts the bank to verify your credit, so here’s a free opportunity for you to check whether what you think about your credit is what it is. If it is, then it’s good news, and if it’s not, there’s still something good in it since you would be made aware early of the problem before it becomes worse.
2. Timely resolution of credit problems
If the mortgage lender discovers problems in your credit reports, you can check the sources of these problems and can have them corrected before they lead to further difficulties.
3. Efficiency of home search
If there’s no problem with your credit, then the pre-approval is issued, together with the amount of loan that can be provided to you. You then have a price range to work with, and you can now narrow down your home search from thousands of homes available for sale to a list that you can manage. You can then focus on items that are important to you, such as a multi-purpose room, access to a body of water, proximity to a good pre-school, pet policy, or HOA.
4. Less stress
If you already know you’re qualified for a home loan and for the price range you’re hoping for, you’ve got two weights already removed from the back of your mind. You can now confidently make choices and decisions related to your home buying process.
5. Kindness comes back to you in other forms of goodness
Having a pre-approval letter is exercising kindness towards your agent. Imagine having your agent make appointments with 50 various sellers and listing agents in different locations and then driving you to these homes day after day only to find out you were not qualified to buy even just one of these 50 homes?
If you’re looking to buy a home in Tampa, and you don’t know where to get your pre-approval, contact Tampa4U.com. Your Tampa4U agent will refer you to a reputable mortgage lender or a mortgage consultant, so you can get your pre-approval and buy your home of choice.