Importance of pre-approval when buying a home
In a real estate market as competitive as today, it is essential to be prepared for each stage before starting a purchasing process. Prequalification by a lending entity is the starting point.
Perhaps you are still not so familiar with the term pre-approval or prequalification and here I leave you a brief explanation:
Pre-approval is a financial instrument where a banking entity informs its client that they can opt for a loan, it is generally granted to clients who maintain an acceptable payment history, economic sustainability and good credit. score.
Why Why is it so important to have prequalification before starting the purchasing process?
Currently, in Florida a property for sale receives at least 5 offers. It means that if you are planning to buy, being pre-approved will give you a chance. an advantage when presenting your offer to the buyer. By being prequalified you will know What is the amount that can be lend to your financial institution and also makes the seller understand that you have the necessary financial conditions to pay for the home.
Growing demand and little available inventory make bidding wars to buy a home very common, and any advantage you can take advantage of could mean that your offer is the winner and so on You can purchase your ideal home. Pre-approval gives you a clear advantage in these situations.
With interest rates on the rise and home prices also rising, it makes sense to have the help of aprofessional team< /a> can save you a lot of headaches. With such a changing market, financial houses constantly update their standards to adapt to the market.
If you want to start the purchasing process in Floridacontact us and obtain the best quality in real estate services, We will help you with your prequalification and guide you throughout the entire purchasing process.