{"id":8016,"date":"2023-04-24T10:30:00","date_gmt":"2023-04-24T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/the-power-of-pre-approval\/"},"modified":"2023-04-24T10:30:00","modified_gmt":"2023-04-24T10:30:00","slug":"the-power-of-pre-approval","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/the-power-of-pre-approval\/","title":{"rendered":"The Power of Pre-Approval"},"content":{"rendered":"
\"The<\/p>\n

If you\u2019re buying a home this spring, today\u2019s housing market can feel like a challenge<\/a>. With so few homes on the market right now, plus higher mortgage rates<\/a>, it\u2019s essential to have a firm grasp on your homebuying budget. You\u2019ll also need a sense of determination to find the right house and act quickly when you go to put in an offer. One thing you can do to help you prepare is to get pre-approved.<\/p>\n

To understand why it\u2019s such an important step, you need to know what pre-approval is. As part of the process, a lender looks 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 how much money you can borrow.<\/p>\n

Freddie Mac<\/em> explains<\/a> it like this:<\/p>\n

\u201c<\/em>A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home<\/em><\/strong>. . . . Keep in mind that the loan amount in the pre-approval letter is the lender\u2019s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.\u201d<\/em><\/p><\/blockquote>\n

Basically, pre-approval gives you critical information about the homebuying process that\u2019ll help you understand how much you may be able to borrow so you have a stronger grasp of your options. And with higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.<\/p>\n

Pre-Approval Helps Show You\u2019re a Serious Buyer<\/strong><\/h4>\n

That\u2019s not the only thing pre-approval can do. Another added benefit is it can help a seller feel more confident in your offer because it shows you\u2019re serious about buying their house. And, with sellers seeing a slight increase in the number of offers<\/a> again this spring, making a strong offer when you find the perfect house is key.<\/p>\n

As a recent article from the Wall Street Journal<\/em> (WSJ) says<\/a>:<\/p>\n

\u201c<\/em>If you plan to use a mortgage for your home purchase, preapproval should be among the first steps in your search process<\/em><\/strong>. Not only can getting preapproved help you zero in on the right price range, but it can give you a leg up on other buyers, too.\u201d<\/em><\/p><\/blockquote>\n

SBottom Line<\/h3>\n

Getting pre-approved is an important first step when you\u2019re buying a home. It lets you know what you can borrow for your loan and shows sellers you\u2019re serious. Connect with a local real estate professional and a trusted lender so you have the tools you need to purchase a home in today\u2019s market.<\/p>\n<\/div>\n

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

If you\u2019re buying a home this spring, today\u2019s housing market can feel like a challenge. With so few homes on the market right now, plus higher mortgage rates, it\u2019s essential to have a firm grasp on your homebuying budget. You\u2019ll also need a sense of determination to find the right house and act quickly when […]<\/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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nThe Power of Pre-Approval - 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\/the-power-of-pre-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Power of Pre-Approval - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re buying a home this spring, today\u2019s housing market can feel like a challenge. 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