How Pre-Approval Can Help Your Search
If you're thinking about buying property, it's a good idea to get pre-qualified for your mortgage. You may think it's not necessary - After all, how can you get pre-qualified if you don't know the cost yet? Your Favorite Real Estate Team is here to help answer those questions and explain why getting pre-approved is a great idea. Keep reading to learn more!
Additionally, having your pre-approval letter in hand at the time you make your offer saves you time because you have already talked to your financial institution. Sometimes, just getting the necessary paperwork together can take time to track down. When you have pre-approval, you have already met with your lender, so you also don't have to worry about scheduling a meeting. This will help decrease your closing time by already having your finances in order.
When you are ready to buy at the Lake of the Ozarks, Your Favorite Real Estate Team would love to help you. Our expert real estate agents are great at finding your dream home at the Lake of the Ozarks and helping you negotiate to make your dream come true. If you would like more advice on how to get started for your home search, give us a call!
No Surprises!
Getting pre-approved before you start your search allows you to know exactly where you stand financially. Mortgage officers can help you apply for the amount you think you might need during the pre-approval process. This amount can be adjusted once you know the true cost of the house. You find out what your credit looks like and your debt-to-income ratio. You could potentially have an issue with your credit that you are unaware of. It's better to know these things before you make an offer. When you finally find your dream home at the Lake of the Ozarks, you want to make your offer with confidence. Nothing is worse than finding your dream home, making an offer, and then finding out that you aren't going to have the financial backing you thought you would.
Become a Powerful Buyer
Sellers will usually take you more seriously if you have already been pre-approved because they know you have the financial backing to the offer you make. If multiple offers have been made, and you have pre-approval and the other buyers don't, a lot of sellers will take your offer because they know you are serious. When it comes time to negotiate a better deal, the sellers may even be more willing to go down on the price because they know you have your financing in order.
Save Time!
If you start your home search online without establishing your budget first, you could be wasting your time by looking at homes you can't afford. The flip side is, it is also possible you could afford more than you thought you would qualify for. Either way, knowing your buying power is important because you can narrow your search.
Additionally, having your pre-approval letter in hand at the time you make your offer saves you time because you have already talked to your financial institution. Sometimes, just getting the necessary paperwork together can take time to track down. When you have pre-approval, you have already met with your lender, so you also don't have to worry about scheduling a meeting. This will help decrease your closing time by already having your finances in order.
Financing Your House at the Lake
When you are ready to buy at the Lake of the Ozarks, Your Favorite Real Estate Team would love to help you. Our expert real estate agents are great at finding your dream home at the Lake of the Ozarks and helping you negotiate to make your dream come true. If you would like more advice on how to get started for your home search, give us a call!
CONTACT ED SCHMIDT FOR ALL YOUR LAKE OF THE OZARK REAL ESTATE NEEDS
Ed Schmidt, REALTOR
752 Bagnell Dam Blvd. Suite A
Lake Ozarks, Mo 65049
Phone: 573-240-9052
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