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1. You are likely to create unrealistic expectations for yourself. You may think your budget is higher or lower than you qualify for, creating unrealistic expectations. When you start looking at houses that are outside of your budget you train your eye to like a certain level of finishes. Creating a certain expectation can make finding a house that you love difficult because you have trained yourself to expect a certain level of finish.
2. Being pre-approved creates a stronger offer. When it comes time to make an offer your offer will be stronger and stand out to the seller if you are pre-approved. This lets the seller know that you are serious, have the financial means to close the deal and are ready to roll!
3. It educates you on the loan options and the details of your loan. Being pre-approved allows you to go through the loan options, decide which is best for you. This also allows you to become familiar with your down payment, monthly payments, interest rates and insurance estimates.
4. It speeds up the process. Getting pre-approved requires a bit of work on the buyer side. When you do this before house hunting it gives you the edge to move the process along quicker than others.
Getting pre-approved for a mortgage before house hunting and making an offer on real estate helps create realistic expectations by giving you a clear understanding of what you can afford. This knowledge can help you make a more informed decision about which properties to consider and how much to offer. Ultimately, getting per-approved for a mortgage can help you set realistic expectations and make a confident and informed decision about buying real estate.
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What does it mean to be pre-approved?
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