{"id":7746,"date":"2022-04-19T10:00:05","date_gmt":"2022-04-19T10:00:05","guid":{"rendered":"https:\/\/thezakariagroup.com\/why-pre-approval-is-an-important-step-for-todays-homebuyers\/"},"modified":"2022-04-19T10:00:05","modified_gmt":"2022-04-19T10:00:05","slug":"why-pre-approval-is-an-important-step-for-todays-homebuyers","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/why-pre-approval-is-an-important-step-for-todays-homebuyers\/","title":{"rendered":"Why Pre-Approval Is an Important Step for Today\u2019s Homebuyers"},"content":{"rendered":"
\n

\"Why<\/p>\n

Being intentional and competitive are musts when buying a home<\/a> this season. That\u2019s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of The Mortgage Reports<\/em>, explains<\/a>:<\/span><\/p>\n

\n

\u201cThe lender will check out your personal finances and issue you a letter confirming the amount you\u2019re eligible to borrow. This not only gives you a firm budget for house hunting, but also lets sellers know you\u2019re qualified to make an offer<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Why does that matter so much today? There are many more buyers looking for homes today than there are homes available for sale, and that\u2019s creating some serious competition<\/a>. According to the National Association of Realtors<\/em> (NAR), the average home is getting 4.8 offers<\/a> per sale. As a result, bidding wars<\/a> are still common.<\/p>\n

Your pre-approval gives you a leg up in these situations. That\u2019s because you know exactly what you\u2019re approved to borrow before you write your offer, and it lets the seller know you\u2019re qualified to buy their home. This helps both you and the seller feel confident in what you\u2019re bringing to the table. And that puts you in a better position to potentially win a bidding war.<\/p>\n

As Warden puts it:<\/p>\n

\n

\u201cThere\u2019s another important reason to get preapproved, too. And that\u2019s because there are way more buyers than homes in today\u2019s market \u2014 which means you need to be ultra-prepared if you want to win a bidding war. Most sellers are getting multiple offers right now. And most won\u2019t even entertain an offer without a preapproval letter included<\/strong>.\u201d<\/em><\/p>\n<\/blockquote>\n

Every advantage you can gain as a buyer is crucial in a market that\u2019s constantly changing. Mortgage rates<\/a> are rising, home prices<\/a> are going up, and lending institutions are regularly updating their standards. You\u2019re going to need guidance<\/a> to navigate these waters, so it\u2019s important to have a team of professionals, such as a loan officer and a trusted real estate advisor, on your side. They\u2019ll help make sure you\u2019re ready to put your best foot forward.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Getting pre-approved for a mortgage helps you better understand what you can afford and signals to sellers you\u2019re serious about purchasing their home. Let\u2019s connect so you have the tools you need to succeed as a homebuyer in today\u2019s market.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Being intentional and competitive are musts when buying a home this season. That\u2019s why pre-approval is so important today. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Peter Warden, Editor of The Mortgage Reports, explains: \u201cThe lender will check […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhy Pre-Approval Is an Important Step for Today\u2019s Homebuyers - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/why-pre-approval-is-an-important-step-for-todays-homebuyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Pre-Approval Is an Important Step for Today\u2019s Homebuyers - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Being intentional and competitive are musts when buying a home this season. 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