Get Pre-Approved NOW to Buy a Home in the New Year
Make your goal of owning a home come true in the New Year by getting pre-approved now for your home mortgage loan. That’s right – NOW is the time to start the mortgage process so you can sign the paperwork and move in your new home at the beginning of the New Year!
What is a Mortgage Pre-Approval and Why Do I Need it?
A mortgage pre-approval is a letter from your mortgage lender or broker indicating that you are able to borrow the money needed to purchase a home up to a certain amount. The loan approval amount is based on several factors including:
- Income
- Employment
- Assets
- Debt
- Credit History
Once your lender verifies all of the required documents and information, you will be given the pre-approval letter with your housing budget information and the team at Southern Select Properties can help you begin your home search!
We cannot stress enough the importance of home buyers getting pre-approved before you start looking for homes for sale in North Georgia. Here are some of the top reasons.
5 Reasons to Get Pre-Approved for a Mortgage
- Shows You Mean Business – Having a pre-approval letter from a lender indicates to the seller and their Realtor that your credit has been verified, your documentation is set for an approval for a specific loan amount, and you are serious about buying their home.
- Keeps You on Budget – Your lender will let you know exactly how much house you can realistically afford during the pre-approval process. This narrows down your options and makes the home selection process easier and more time-efficient.
- Makes Your Offer More Attractive – In popular markets, homes often attract more than one offer. When your offer is accompanied by a pre-approval letter from your lender, it gives the owner confidence that you are financially capable of buying their home.
- Increases Negotiating Power – Getting pre-approved for a home mortgage can be a plus when negotiating the price of a home. If the homeowner is motivated to close the deal, they may be more willing to accept a lesser offer if they are sure you are financially able to purchase the home. In addition, the pre-approval letter can hinder the owner from asking for more if they know your pre-approval has a price limit.
- Saves Time – Obtaining approval for a mortgage is a time-consuming process. There are documents to gather and income to verify, so it is smart to start the process several months before you are ready to purchase a home. This allows you to proceed with the mortgage and finalize the purchase once you start looking and have found the home you want to buy.
Congratulations on taking the first step to becoming a homeowner in North Georgia! Let’s get started by seeing if you qualify for any special or government programs that offer down payment assistance to make becoming a homeowner easier. Simply answer a few quick questions to see what down payment assistance is available for you.
Also, be sure to contact the team at Southern Select Properties today to get set up to receive property alerts of homes in your price range to begin your North Georgia home search. We look forward to working with you and can’t wait to give you the keys to your new home in 2020!
