{"id":8233,"date":"2024-01-04T11:30:00","date_gmt":"2024-01-04T11:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/why-pre-approval-is-your-homebuying-game-changer\/"},"modified":"2024-01-04T11:30:00","modified_gmt":"2024-01-04T11:30:00","slug":"why-pre-approval-is-your-homebuying-game-changer","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/why-pre-approval-is-your-homebuying-game-changer\/","title":{"rendered":"Why Pre-Approval Is Your Homebuying Game Changer"},"content":{"rendered":"
\"Why<\/p>\n

If you\u2019re thinking about buying a home, pre-approval is a crucial part of the process you definitely don\u2019t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you\u2019re working with a trusted lender to prioritize this essential step. Here\u2019s why.<\/p>\n

While home price<\/a> growth is moderating and mortgage rates<\/a> have been coming down in recent weeks, affordability<\/a> is still tight.\u00a0 At the same time, there\u2019s a\u00a0limited number of homes<\/a>\u00a0for sale right now, and that means ongoing competition among hopeful buyers. But, if you\u2019re strategic, there are ways to navigate these waters \u2013 and pre-approval is the game changer.<\/p>\n

What Pre-Approval Does for You<\/strong><\/h4>\n

To understand why it\u2019s such an important step, you need to know more about pre-approval. As part of the homebuying process, a lender looks at your finances to determine what they\u2019re 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. Freddie Mac<\/em>\u00a0explains<\/a>\u00a0it 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

Getting pre-approved starts to put you in the mindset of seeing the bigger financial picture, one step at a time. And the key is actually more than just getting a pre-approval letter from your lender. The combination of pre-approval and<\/em> strategic budgeting is your golden ticket to understanding what you can actually afford. It saves you from painful heartaches down the road so you don\u2019t fall in love with a house that might be out of reach.<\/p>\n

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

But that’s just the beginning. Let\u2019s face it, there are more people looking to buy than there are homes available for sale<\/a>, and that creates competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you get ready to make your move. But getting pre-approved for a mortgage can help you stand out from other buyers.<\/p>\n

In today’s fast-moving housing market, having that pre-approval in your back pocket can be your secret weapon. When sellers see you’re pre-approved, it tells them you’re a strategic and serious buyer. In a world of multiple offers, that’s a big deal. As an article from the\u00a0Wall Street Journal <\/em>(WSJ)\u00a0says<\/a>:<\/p>\n

\u201cIf 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<\/em>.\u201d<\/p><\/blockquote>\n

Pre-approval shows sellers you\u2019re more than just a window shopper. You\u2019re a buyer who\u2019s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or issues. Sellers love that because they see your offer as a reliable one. A win-win, right?<\/p>\n

Bottom Line<\/h3>\n

So, before you start mentally arranging furniture in your dream home, let\u2019s connect to get your pre-approval set. It\u2019ll save you time, stress, and a lot of headaches that could come up along the way without it. The reality is, the more prepared you are, the more likely you are to land the home you\u2019re longing for.<\/p>\n<\/div>\n

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

If you\u2019re thinking about buying a home, pre-approval is a crucial part of the process you definitely don\u2019t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you\u2019re working with a trusted lender to prioritize this essential step. Here\u2019s why. While […]<\/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":[110,98,99,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhy Pre-Approval Is Your Homebuying Game Changer - 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-your-homebuying-game-changer\/\" \/>\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 Your Homebuying Game Changer - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re thinking about buying a home, pre-approval is a crucial part of the process you definitely don\u2019t want to skip. 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