Buying a home is one of the most exciting things you can do, but at the same time, it can put you on edge.
So where do you start?
Preapproval for a Loan: The First Stop for Would-Be Homebuyers in Grand Junction
When you decide to purchase a home, there are a few things you should do before you dive into online searches and meandering through neighborhoods.
One of the main items to cross off your checklist: get preapproved for a mortgage.
Why Preapproval is Necessary When You’re House-Shopping in Grand Junction
Having a preapproval letter before you fall in love with a home can make a huge difference in your home-buying experience.
In a competitive real estate market, sellers want close on their homes quickly (and without unnecessary frustration). If there are multiple buyers interested in a home, including those who are armed with preapproval (not prequalification) letters, the ones who are prepared are more likely to take precedence.
In most cases, sellers won’t entertain a purchase offer without a preapproval letter. A preapproval letter is different from prequalification; prequalification simply lets you know how much the bank will probably lend you to buy a house.
How Much House Can You Really Afford?
When you’re preapproved for a mortgage, you know exactly where you stand. You don’t want to unknowingly set the bar too high, or even too low. Guessing how much home you can afford can cause you plenty of headaches.
Getting preapproved will prevent a lot of unnecessary delays, and at the same time, it shows sellers that you are actually qualified to buy their home.
Are You Moving to Grand Junction?
Call us at 970-765-4135 or get in touch with us online to tell us what you want from your dream home. We’ll help you find it.