walla walla washington real estate

Jan 29, 2018

Updated Feb 27, 2018

When thinking about buying homes, it is normal to be anxious and want to see properties immediately. In that excitement, you might overlook the important step of obtaining a mortgage pre-approval. A pre-approval is a preliminary assessment of your finances and credit worthiness to determine whether you may be approved for a home loan. It is not a guarantee for a loan, but the best estimation prior to a full mortgage application. Having a pre-approval letter is a good idea for many reasons. This blog discusses reasons why home buyers should obtain pre-approval before seeing Washington properties.

Know What You Can Afford

Lending requirements and mortgage rates fluctuate regularly. A pre-approval provides a clear understanding of the loans and alternatives that you can use, what your up-front expenses will be, and most importantly, what you can view. Without this information, you can waste a lot of time looking at real estate that you do not qualify to buy. Identifying your price range also saves you the emotional distress of becoming attached to a listing that you can not afford.

Improving Your Leverage

The best listings  go under agreement the fastest. A pre-approval provides you with the option to make an offer. When you submit an offer, you normally must include a pre-approval letter. This shows the seller that you are prepared and capable of moving forward. It is unlikely that a seller will consider an offer and take their property off the market without any indication that you can actually pay for the home. When there are multiple offers, a pre-approval will make a big difference.

How You Spend Your Time

A pre-approval saves time during the offer process and during loan processing as well. Most sellers will not look at an offer without a pre-approval. Failing to have one in-hand will lead to delays in submitting your offer and may cause you to miss out on a listing. Pre-approvals require reviewing earnings, personal assets, debts, etc. This may take a couple of days depending on whether you have the documentation in-hand. Errors in your credit file may result in more delays. Starting in advance will also save valuable time when processing your mortgage and achieving a quick closing.

Reasons Why Home Buyers Should Obtain Pre-approval Before Seeing Washington Properties

The information in this article on reasons why home buyers should obtain pre-approval before seeing Washington properties are something to remember as you start to think about buying a home. The home buying process may be complicated enough. Being proactive and prepared will minimize difficulties. For additional information, contact Blaine Bickelhaupt at Blue Mountain Realtors by emailing blaineb@bluemountainrealtors.com or calling (509) 382-2020.

Blaine Bickelhaupt, DB, Licensed in WA & ID
Blaine Bickelhaupt
DB, Licensed in WA & ID
Mission Statement: To be known for the way business is conducted, using ethical standards, and creating great customer moments. Time after time, Blue Mountain Realtors will build a foundation of trust, and professionalism that will create a unique experience. Blue Mountain Realtors, the region's leading real estate company, now doing business in Dayton and Walla Walla. Licensed in WA & ID.

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