If you’re going to buy a house, you need to know where to start; even people who have been through this process before need a few reminders here and there.
So where do you begin?
Talking to a lender (or two, or three) isn’t as exciting as looking at Grand Junction homes for sale, but it’s a necessary step that can put you into a new home much more quickly.
Speeding Up the Home-Buying Process With a Preapproval
Having your mortgage preapproval in-hand before you begin house-hunting will give you a head start on the whole process.
First, it tells you exactly how much house you can afford.
Second, it lets you get a jump on your eventual mortgage approval. Your lender will let you know what type of paperwork you’ll need when it’s time for the underwriters to begin your file, and you’ll have extra time to prepare.
Finally, the preapproval process may uncover options you didn’t know you had. Because there are several types of mortgages available, you may find that one type stands above the rest when it comes to meeting your needs.
Preapproval Shows Sellers You Mean Business
If you make an offer on a home, you want the preapproval’s weight behind it.
Let’s say two other parties put in an offer at the same time you do–but you’re the only one with a preapproval from a lender that shows someone is willing to extend you enough credit to buy the home.
Naturally, the sellers know they can take your offer more seriously because you have a preapproval. They’ll also be more willing to spend time negotiating with you than they would if you weren’t preapproved for a loan.
Are You Moving to Grand Junction?
Call us at 970-765-4135 or get in touch with us online. We’ll start searching for your next home right away!