Make Buying Your Dream Home Painless

Buying Your Houston Area Dream Home

One of the best ways to make sure buying your dream home is painless is to get pre-approved for your mortgage. There are three main reasons pre-approval is highly recommended. When you are pre-approved, you will look in the correct price-range, your offer will look better than offers from buyers who are not pre-approved, and you will eliminate a lot of stress after an offer is accepted.

Make Sure Your Dream Home Is In The Right Price Range

Pre-approval of your mortgage helps you look for your dream home at the price you can afford. You won't waste any time looking at homes in the wrong price range. This prevents you from falling in love with the wrong home. It can be very upsetting to find a home that is too far out of your price range and this can happen even when someone gets a pre-approval.

Pre-approval of your home mortgage is not the same thing as being pre-qualified. The pre-approval process is almost identical to process of applying for a home loan. The only difference is that you are not using a specific property as collateral.

Be The Better Offer

When you are pre-approved for a home loan, the lender will provide you with a letter or certificate. An actual pre-approval letter from a lender will make your offer look stronger to the seller of your dream home even more so than the amount you offer. When a buyer sees that you are pre-approved, they can relax. They know that when they take their home off the market it won't be in vain because you have already been approved for a loan. Of course the house needs to meet the lender's qualifications, but many home sales fall through because a buyer did not qualify. This can give you a clear advantage if you're competing against other offers.

Buying Your Home With Less Stress

Even after your offer is accepted, your pre-approval status makes your purchase less stressful. Studies conducted by the National Association of Realtors(t) show that the greatest amount of stress you can go through is right after your offer is accepted. That's because many buyers (and sellers) are on pins and needles waiting to hear that their loan will go through. When you are pre-approved by a lender, you already qualify for the loan and the final process involves the home, not you or your credit.

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