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Why you NEED to get pre approved for a mortgage
by Centum Mortgage Choice, 4/19/2016 4:58:05 PM

I get it, buying a home is arguably one of life’s most exciting moments, for a lot of people it’s the largest financial decision you’ll ever make.  Not only that, to make matters worse, it’s FUN too.  All the different houses you get to look at and consider, virtually any home for sale could be yours, it’s a big deal.  In the same way it’s monumental for you, it’s equally as impactful for a few other people too which I don’t think many people consider during the buying process.  Not only that, but there’s a few things that I think are overlooked before people start looking at homes.  With that, here’s a few things to consider before you go shopping.


Make sure you’re the real deal

House shopping without a pre approval is like intentionally going grocery shopping without your wallet.  It doesn’t matter how many things you find that you like, you don’t have a way to pay for them anyway.  Before you get your heart set on a house, make sure you know that you can get approved for it.  Not only does that save you some embarrassment if you do write an offer and then get declined but having a pre approval upfront can potentially save you some money too.

It’s example time boys and girls so fire up your imagination for a second:

Let’s pretend I’m selling my house for 200K and my realtor has brought me two different offers to consider.  Offer #1 is for 200K, exactly what I listed for, but the customer needs 1 week to go to the bank and see if they’re approved.  Offer #2 is for 195K, 5K less than I’m asking, but they’ve included their pre approval letter to show they’ve already been pre approved.  Now, I can take my chances on Offer #1 but what if they don’t get approved and then I’ve lost the sure thing that was Offer #2?  What if after that deal falls through no one else writes an offer on my house for weeks, maybe months?  On the other hand, Offer #2 is a sure thing, if I accept it I’m done!  I’ve sold my home and I can move on with my life, maybe I needed this house to sell because it’s holding up financing the new house I’ve bought.  You know what?  I’m just gonna play it safe and take the sure thing in Offer #2 because even though it’s 5K less it’s sold, no more worry, no more stress.  Not only that but my realtor told me to expect around that sale price anyway.

See, not only is it good to have peace of mind you CAN actually buy the home you like but there’s a possible discount in it for you too.


Just like yours, a Realtors time is valuable too

I’ve seen it far too often, a realtor shows potential clients home after home only to realize in the end that they don’t qualify.  Not only is this bad news for the buyer but the realtor just donated all that time for nothing.  You see, realtors are paid commission after the completed sale of the home, up until then they’re just volunteering their time hoping to be compensated eventually.  I don’t know about you but I’m not that keen on working for free.  You wouldn’t go into work tomorrow and say to your boss, “hey, I’m going to work today but I don’t want any pay”, would you?  Realtors will do their absolute best to find you the home of your dreams, the least we can do is make sure we’ve been pre approved to show that we respect their time and effort, just like we’d expect others to do for us.


Showings affect the Seller

Even with the help of a real estate professional it’s still a lot of work when you’re selling your home.  Imagine a time where you’ve got to keep your house SHOW ROOM spotless at all times because at any moment that phone could ring with someone that wants to come see it.  It’s not just the 24 hour cleaning but you’ve got to be willing to pack up and leave your home in a moments notice if someone wants to view it.  If you’ve got kids, you’ve got to pack them up, grab the dog and get out the door so a potential buyer can come by and potentially buy your house.  Now, sellers are willing to do this, they understand what they’re getting into, but I hope you can see why they’d probably prefer to do that for someone who has the ability to actually buy there home.

At the end of the day its up to you whether you’d like to get pre approved before starting the process.  After reading this and realizing all the people that are impacted I know you’ll want to do the right thing and make sure you’re not wasting anyones time, most importantly you’re own.  To get the whole process start you can call, email or even text me.  The sooner we get your pre approval done the sooner you can start the fun part, shopping!

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Filed under: rbc,  mortgages,  rates,  brandon,  westman,  house


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