If you are planning on purchasing a home during the winter season, you may be wondering what the first step is to homeownership and whether or not you should get pre-approved for your mortgage in Bellevue. So, to help provide some insight, your local mortgage lenders, the Nicole Vaivadas team with Primary Residential Mortgage Inc., have listed the top benefits of getting pre-approved for your home loan.
Benefit #1: Know What Price Range To Shop In
Your local mortgage lender in Bellevue will run a credit check on your financial history and they will review all your current debts and assets during the pre-approval process to see what time of loan you can qualify for. They will extensively review your financial documents and let you know what your affordability is. This will then tell you what price range you can shop in once you start viewing different houses for sale. Knowing your price range can also help you avoid looking at homes that are outside your budget to prevent you from falling in love with a home that you cannot afford.
Benefit #2: More Credibility With Sellers
Another benefit of getting pre-approved is that it gives you more credibility with different sellers. This shows them that you have had a mortgage professional review your finances and it tells the sellers that you are financially responsible enough to own a home. This means that if you are in the middle of a bidding war with another family, the seller should be more likely to choose your offer over theirs since you have already been pre-approved and your financial record has been checked.
Benefit #3: Access To More Listings
If you are planning on working with a real estate agent then you should definitely consider getting pre-approved. Most realtors refuse to work with buyers who have not been pre-approved, therefore, by doing so, you will be gaining more access to real estate listings that otherwise would not have been available to you.
Benefit #4: Speeds Up Application Process
Getting pre-approved can also speed up the application process for a mortgage in Bellevue because a credit check will have already been done and your financial documents will have been organized and reviewed. This means that you could potentially close on a home a lot faster than if you had not been pre-approved.
If you are interested in receiving more information on the benefits of getting pre-approved or if you would like to get started on your mortgage application, please contact the Nicole Vaivadas Team at 425-818-5880.