Get Pre-Approved For A Mortgage Before Home Shopping

Trying to locate a home in Contra Costa county can be a very competitive business. The moment you find the right home, some other buyer has placed a bid as they win out over you. What type of advantage do the other buyers have? They may be already pre-approved for a mortgage loan.

Getting pre-approved for a loan is a benefit that you should take advantage of when looking for a home. Having a lender approve you for a mortgage allows you to know how much money you can have to spend on a home. You can figure out how much you can put in for a down payment as well as know what your monthly payments will be. By figuring out your expenses, you can find a house that fits better into your financial situation. You can avoid buying a house that is more than your means.

In addition, sellers are more prone to go with someone who has pre-approval with the bank because they don’t have to wait as long for you to shop around and get the financing. The transaction can go quickly, cutting down on the seller’s costs of continuing to have the house on the market listings. The seller doesn’t want to keep making mortgage payments on the property for several weeks as they wait to see if you get pre-approved or to be turned down by lenders.

So try to get pre-approved for a loan before looking for a property as you may have more success finding the home of your dreams. You’ll also have an edge over other buyers who don’t have pre-approval as your bid will be accepted faster than others.

For more information about buying and selling real estate in California, please contact Cary Amo located in Lafayette at 925-818-0880.

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