If you are thinking of buying – it’s extremely important to get pre-approved. Not only so you are comfortable with what price range you can afford, but in this very competitive buyer’s market you simply need it! Once you find a home you are interested in and want to make an offer – the sellers are going to want to make sure you are able to obtain a loan – in fact without a pre-approval letter attached to an offer (unless you are paying cash) the seller won’t even take your offer seriously. Not getting pre-approved is simply not worth the risk of finding a home you love and losing it because you’re credit wasn’t ready and avoid the frustration of losing out to another bidder who had pre-qualification.
It’s also important to note that during the pre-approval process to not make any expensive purchases such as cars or furniture, and don’t change your work history if possible. Lenders will be looking into your work history as well as your credit, and will be examining your debt to credit ratio as well. Any big purchases or changes in employment could negatively affect your ability to get approved.
At Sweet Home Carolina Realty we work with some of the best Mortgage lenders around. Contact Us today and we will get you all the information you need to get started.
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