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Published January 9, 2024
How YOU Can Benefit from Knowing Your Buying Power
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$$$ MISTAKE many HOMEBUYERS have made!
Knowing your buying power ....is critical before house shopping
Getting preapproved for a mortgage loan allows you to know your buying power right up front. Here are 5 HUGE advantages to taking that next step.
Clarity
A PREAPPROVAL from a trusted mortgage bank gives a clear idea of your budget, helping you focus on homes within your price range. It prevents falling in love with a house that is out of your financial comfort and affordability range.
Negotiation Power
Sellers prioritize house offers from pre approved buyers as it signifies seriousness and financial readiness to purchase. A home seller does not want the risk of negotiating with an interested buyer who "may or may not" be financially able to buy. With a preapproval, you can negotiate confidently, demonstrating your readiness to move forward with financing secured.
Time Efficiency
Having your preapproval in place streamlines the buying process. This can eliminates delays in the homebuying process and even help you close the deal faster.
Avoid Disappointment
Discovering issues with credit or financing during the buying process can lead to major disappointment and even losing the home of your dreams. Many homebuyers find out they have mistakes on their credit report that take time to get cleared up. Finding out of errors or other credit work needed helps avoid such setbacks and heartaches.
Understand your Options
Finding out your buying power through a mortgage preapproval also includes learning of different mortgage options available. This allows you to make informed decisions about the type of loan that best suits your needs, and which makes the most financial sense for your future.
Ultimately, knowing your buying power with a mortgage preapproval is a crucial early step to take in the home buying process, providing financial clarity and a competitive edge in your local real estate market.
Are you buying or selling a home?
When are you planning on buying a new home?
Are you pre-approved for a mortgage?
Would you like to schedule a consultation now?
When are you planning on selling your home?
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