Why Pre-Approval Is Key for Homebuyers in 2022
Why Pre-Approval Is Key for Homebuyers in 2022 Why Pre-Approval Is Key for Homebuyers in 2022 You may have heard that it’s important to get pre-approved for a mortgage at the beginning of the homebuying process , but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition , it’s crucial to have a pre-approval letter prior to making an offer. Here’s why. Being intentional and competitive are musts when buying a home this year. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer , something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory , there are many more buyers active in the market than there are sellers, and that’s creat...