Ready to Buy a Home in North Georgia? Get Pre-Approved for a Home Mortgage Now
When you are ready to buy a home in North Georgia, savvy buyers know that getting pre-approved for a home mortgage loan before the house hunting even begins is the best move. That’s right! When preparing to buy a home, getting pre-approved for a home loan will make the process easier and can even be an advantage when it comes to showing sellers you are serious about the purchase and qualified to buy the property.
Why it is Important to have a Mortgage Pre-Approval When Home Shopping
A mortgage pre-approval letter from your lender indicates that you are able to secure the loan and the money needed to purchase the home. The amount of your loan approval is based on the following criteria:
- Employment
- Assets
- Income
- Debt
- Credit History
Once you receive the approval from your lender, this means that they have verified all of the necessary information. You will then receive a pre-approval letter which will indicate your housing budget information so that you can begin your home search.
There are a variety of benefits for buyers when they are pre-approved when looking for homes for sale in North Georgia. Here are some of the benefits of mortgage pre-approval and why you should definitely consider this option when buying a home.
Benefits of Getting Pre-Approved for a Home Mortgage in North Georgia
- You Know Exactly What You Can Afford – Your lender will let you know exactly how much you can afford to spend on your new home during the pre-approval process. This helps make the home selection process easier and more time-efficient for everyone involved.
- Increases Negotiating Power – A pre-approval for a home mortgage can be a plus when negotiating the price of a home. A motivated seller 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.
- Shows Sellers You Are Qualified to Purchase Their Home – A pre-approval letter from your 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.
- Gets Your Offer More Attention – Sometimes homes for sale in North Georgia 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.
- More Efficient Offer Acceptance– Mortgage approval can be 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.
Are You Ready to Get Pre-Approved for a Home Mortgage in North Georgia?
The team at Southern Select Properties is here to help you buy a home in North Georgia. Whether this is your first home purchase or the next of many, we can assist you with all of your real estate needs. From directing you to a local mortgage lender to having emails sent to you on houses for sale in North Georgia within your budget – we are ready to help you become a homeowner.
Contact us today to learn more about how we can help you with all of your real estate needs in North Georgia. We have over a decade of experience buying and selling homes in North Georgia and can’t wait to help you get the best deal.
