Here are three important reasons why you should get pre-approved when buying a home.
Save Time
Getting pre-approved for a mortgage is important because it informs you of how much the lender is willing to lend you and helps you understand how much you can afford. This information makes it easier to determine where to buy and what type of property to consider.
It doesn't mean you need to spend the entire amount offered to you by the lender; you can purchase a home that is priced lower than your pre-approved amount.
To be Protected
You will know your interest rate and regular payment amount, what you are paying toward principal and interest, and also how long it will take to pay off your mortgage. It will also protect you from future interest rate increases.
Peace of Mind
Some lenders will require you to pay off certain debts before closing to receive your loan. This will save you from future concerns.
