When Should I Get Pre-Approved?
So, when should you get a pre-approval? Shopping for a new home without a pre-approval is like going to the airport without any money, a plane ticket, and your passport. You are completely unprepared, and this could have been all avoided without any real inconvenience at all. So, if you're planning on purcahsing a new home in the next six to twelve months, it's probably a good idea to get pre-approved now. Most people wait until the last minute because they assume they're qualifed or they're misinformed about the pre-approval process. Here's when it's important to pay attention to the professionals and not hearsay, or other people's opinions.
First of all, getting a pre-approval does not have to have a negative effect on your credit score. We're able to run your credit without an inquiry appearing on your credit at all, and this costs you nothing.
Second point, getting pre-approved in advance will allow you to identify any weaknesses in your qualifications. This is especially relevant for self-employed individuals. Lending guidelines are constantly changing, so assuming employment, income, and assets are in order could limit your options when it comes time to buy.
And the third point, I can't tell you how many times we see unknown erros on a borrower's credit report that have a negative effect on their credit scores. As most of us know, errors on your credit report take time to resolve. If you need to close in 30 to 45 days, you may end up with a higher interest rate, or even worse, have your application denied.
Those are just three reasons why it's never too soon to get pre-approved. there's really no legitimate excuse to not be prepared. The process is much easier than most people think, and more importantly, it allows lenders like me to give you accurate numbers and options to consider for when you're ready. 15 minutes of your time can save you a lot of time, money, and aggravation.
Still not sure if getting pre-approved is right for you? Give me a call. I'm more than happy to go over your concerns and point you in the right direction.
I'm Don Anfuso, your Mortgage Pro for Life.
Client Testimonials
- "This is now the third time in eight years I have worked with Don. Every time is easier than the last if that was even possible."
Kevin Alcott“As first-time homebuyers, we were hesitant and questioning a few things, but Don was always available and willing to answer any questions we had.”Nick Mattia“He told me what I needed to do and told me if I did it I would be in a house in 8 months and he was absolutely right.”Ryne Barry - "Don was always available when I had questions or doubts, was completely transparent and helped me make some very smart financial decisions."
Kate Lewis“As first-time homebuyers, Donald and his team made the process smooth, easy and fast! Always available to ask questions, even after work hours!”Renata Clasadonte Iannitelli“His honesty, consistent follow-up and advice were invaluable in our process and made us feel comfortable trusting this major milestone in his hands.”Anthony Loffredo - “He was clear and transparent in his every move and it was a fairly smooth process. He even sent a lovely housewarming gift that we adore. ”Kathy Capozzi“The process was seamless and Don was available to answer all of our questions timely and thoroughly. ”Jessica S."Don helped us buy and refinance our first house and was an invaluable asset as we navigated those complicated waters for the first time."G. Dicrosta
