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Why Should You Get Mortgage Preapproval Before You Start House-Hunting?

mortgage preapproval - port a realtor
For most people, whether they’re buying a Port Royal condo or a house in El Pescador, getting a mortgage is a necessary step in buying a home. (Unless, of course, you have a few hundred thousand dollars sitting in an account gathering dust, you’ll have to get a mortgage, too.)
But before you begin house-hunting, it’s a good idea to get mortgage preapproval.

What is Mortgage Preapproval?

Mortgage preapproval isn’t the same as getting a mortgage loan. Instead, it’s a simplified version of the loan application process. Your lender looks at your financial picture and determines that if circumstances stay the same—and if you’re being honest when they check your financial documents—you’ll most likely be approved for a mortgage in the amount you’re asking for.

Why Should You Get Preapproved Before You Start Shopping for a House?

A mortgage preapproval lets you know exactly where you stand financially, so you understand how much home you can afford; you won’t have to waste time looking at homes that fall into the wrong price range.
When you find a home you love, you’ll be able to make an offer the seller can take seriously; that’s because the seller can see that you’re preapproved and that you actually do qualify to buy the home—unlike someone who makes an offer without checking with a lender first.

Are You Buying a Home in Port Aransas?

If you’re looking for a home in the beautiful city of Port Aransas, we’d love to help you.
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
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Filed under: Buying by Julie Woodward
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