Why you should get pre-approved first

Why You Need A Pre-approval

Getting a pre-approval has always been an important, initial step in the homebuying process. But today, in the age of coronavirus, pre-approvals have become more important than ever. Here are just a few reasons why.

There Are No Strings Attached

Just because you get pre-approved for a loan doesn’t mean you need to move forward with buying a home. You can receive your pre-approval and decide you want to wait until you can afford more home. Or you can get pre-approved and then get a better offer from a different lender. The process is all about fact-finding and making sure you have all the information before deciding to move forward with purchasing a home – or not!

You Can’t Go In a Home Without a Pre-Approval

With the Coronavirus pandemic still ongoing, sellers are hesitant to let anyone in their home that is not serious about buying. Therefore, pre-approval is now required to visit homes for sale in person. When trying to schedule an appointment to see a house the seller’s agent will ask you for your proof of funds and pre-approval. Failure to provide these documents will result in not seeing the home.

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Know Your Budget

There’s nothing worse than finding your dream home…then realizing you can’t afford it. With a pre-approval in hand, you know exactly how much money a lender is willing to lend you. This helps you and your agent set a budget and have a clear picture of what you want and need in a home. A lender will also check on your credit and make sure that looks good before moving forward.

Curious how credit works when buying a home? CLICK HERE.

Getting Pre-Approved

If you’d like a referral to a local lender who can help you with the pre-approval process, we’d be happy to provide one. If you have any questions about the home buying process, please feel free to send us a question on the contact form below.

And if you’re ready to start searching for homes, CLICK HERE to start looking at homes.

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About the Author

Shannon Jones, Team Leader & CEO

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster