{"id":7879,"date":"2022-10-24T10:00:29","date_gmt":"2022-10-24T10:00:29","guid":{"rendered":"https:\/\/thezakariagroup.com\/pre-approval-is-a-critical-first-step-on-your-homebuying-journey\/"},"modified":"2022-10-24T10:00:29","modified_gmt":"2022-10-24T10:00:29","slug":"pre-approval-is-a-critical-first-step-on-your-homebuying-journey","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/pre-approval-is-a-critical-first-step-on-your-homebuying-journey\/","title":{"rendered":"Pre-Approval Is a Critical First Step on Your Homebuying Journey"},"content":{"rendered":"
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If you\u2019re planning to buy a home<\/a> this year, one of the first steps on your journey<\/a> is getting pre-approved. Especially in today\u2019s market when mortgage rates<\/a> are higher than they were just a few months ago, getting a mortgage pre-approval<\/a> can be a game changer. Here\u2019s why.<\/span><\/p>\n To better understand why pre-approval is key, it\u2019s important to know what pre-approval is. The Mortgage Reports <\/em>explains<\/a> it like this:<\/p>\n \u201cWhen you\u2019re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you\u2019re qualified for a home loan. Your preapproval letter shows the maximum loan amount you\u2019re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n As part of the pre-approval process, a lender will look at your finances to determine what they\u2019d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for homes because you\u2019ll know your overall numbers. And with mortgage rates<\/a> rising and impacting affordability, a solid understanding of your numbers is even more important.<\/p>\n Another added benefit is that pre-approval lets the seller know you\u2019re qualified to buy their house. A recent article from realtor.com<\/em> notes<\/a>:<\/p>\n \u201c. . . getting pre-approved can actually improve your chances of falling into the sellers\u2019 good graces, <\/strong>and you\u2019ll want to get it done as early as you possibly can in the home-buying process.\u201d<\/em><\/p>\n<\/blockquote>\nWhat Is Pre-Approval?<\/strong><\/h4>\n
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Pre-Approval Can Signal You\u2019re a Serious Buyer<\/strong><\/h4>\n
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