Obtaining pre-approval from a bank is a daunting process. It is time consuming both due to the delay and because of the amount of paperwork required to satisfy a lender of your credit status.
It is, without a doubt, the most pressing matter before beginning your home search. Proceeding without this step can lead to angst and lost time, energy and opportunities. Without pre-approval you’ll be facing the following pitfalls very quickly:
- Offers will be rejected in favor of lower offers by pre-approved buyers.
- Delays can result as you await approval by your bank.
- Too late you may find the home you are looking at is beyond your budget
- A better home could have been yours if you’d known what you could afford
- Time can disappear into looking at homes that disappear from the market before you’re ready to make an offer and
- Effort invested into your search can be wasted as you await pre-approval to have an effective offer.
For more information or to set up an appointment call Stuart at (703)765-0300.