6 Reasons Your Realtor Wants You Preapproved

6 Reasons Your Realtor Wants You Preapproved

Ever had an agent deny to show you a home because you weren’t pre-approved for a mortgage? It’s not because they’re mean, or they don’t value your business… it’s actually because they’re looking out for your best interests.

Let’s face it, shopping for a home before getting pre-approved for a mortgage is like walking into a grocery store without a wallet. You may have thedesire to buy, but you lack the ability. Let’s cover some basics…

What is a mortgage pre-approval?

In a nutshell, a mortgage pre-approval is written assurance from a lender or broker that you’re able to borrow money to purchase a home up to a certain amount. It’s based on the income, employment and asset documentation you supply at the time of application, in conjunction with your credit history.

6 reasons to get pre-approved

1. It carries more weight than a “pre-qualification”.

A pre-approval differs from a pre-qualification. With the former, the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 30, 60 or 90 days). A pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but it’s a less accurate indicator of your ability to purchase. A pre-approval always carries more weight.

2. You’ll know how much house you can afford.

Getting pre-approved before you begin house hunting allows you to know how much house you can realistically afford. Knowing this narrows down the options and makes the selection process more efficient. Not to mention, it protects you from the unpleasant surprise of realizing the home you fell in love with doesn’t fit your budget.

3. It adds clout to your offer.

In many markets, homes attract more than one offer. If the sellers are weighing one offer against another, they may lean towards the one accompanied by a pre-approval letter. That’s because pre-approvals instill confidence that the buyer is financially capable of purchasing their home.

4. It could increase your negotiating power.

In addition to strengthening your offer when compared to buyers who haven’t taken this step, getting pre-approved may give you the upper-hand when negotiating the price. If the homeowner is eager to sell, they may be more willing to accept a lower offer from someone they’ve been assured is financially capable of purchasing their home.

5. It saves time.

Obtaining a mortgage is a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close — this way you’re ready to proceed with finalizing the mortgage once you’ve found the home you want to purchase.

6. Without it, most agents won’t work with you.

Makes sense, too. Right? Think about it: when you hire an agent, he/she will invest countless hours showing you homes over the course of your house hunt. If you were in their shoes, wouldn’t you want assurance that your hard work would lead to a favorable outcome for both you and your client?


Russell Aadmin Headshot
Author:
Phone: 216-870-7381
Dated: March 3rd 2016
Views: 391
About Russell: Russell Administrator and Customer Service. If you need assistance please contact me....

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Norwalk Area Home With Breathtaking View - This 2,784 sq ft country home
Youth Fishing Derby In Medina County - Looking for something fun to do
Weddings Mean Cookie Tables In Our Area - In our area there is a custom at
Maple Heights 3 Bedroom - Open Sunday April 30th From 1

Our Bloggers

Russell Aadmin - 119
Sherry Abell - 1
Jennifer Ackim - 2
Marybeth Allen - 1
Dave Amarante - 6
Robert Andrews - 31
Heather and Rocky Baith - 7
Audrey Baka - 2
Lisa Baker - 23
Anna Balduff - 16
William Bambrick - 1
Bob Banjac - 1
Victor Baranovskiy - 1
Paula Barker - 24
Janet Beane - 1
Christine Begeman - 2
Olga Beirne - 1
Bellinski-Lynch Group BL Group - 84
Ryan Blake - 1
Karen Bostwick - 97
Jason Brown - 7
Scott and Nancy Buchanan - 1
Jodi Burgett - 1
Carl Burgio - 1
Janice and Tom Burton - 15
James Cain - 2
Julie Clark and Cal Clark - 4
Mario Calabrese - 1
Martin Carlysle - 3
Terri Campbell and Carol Thomas - 1
Brett Casey - 2
Kim Casto - 16
Nick Clawson - 5
Leah Comes - 4
Mary Connors - 1
Jenny Craig - 66
Anita Cundari - 24
Greg Davis - 7
James Dern - 6
Susan DiFranco - 8
Aaron Dolata - 30
Dawn Doleh - 1
Paige Elizabeth Dotson - 10
Ann Dowell - 1
Lynn Downing - 2
Maria Dumitru-Brito - 12
Matt Dunlavey - 3
Annette Ervin - 1
Debora Ferrara - 2
Cynthia Fisher - 3
Bobbie Fogel - 1
Connie France - 18
Tammy Frazier - 4
Alesia Freet - 3
Jeff Frish - 20
Paula Furst - 16
SheAnna Garner - 3
Christina Gemmel - 1
Angela Giarikos - 36
Sandra Godbey - 1
Kristin Granakis - 15
Linda Gray - 4
Thad Gregg - 1
Maria Grimm - 6
Amy Grimm - 1
Pam Hakaim - 4
Traci Hamlin - 1
Tricia Hanna - 20
Kaylee Harris - 3
Nikki Harsa - 15
Pamela Haywood - 3
Carol Herzing - 3
James Hiles - 5
Heather Hill - 6
Matt Hlavac - 27
Belinda Hoffman - 7
Diane Hogrefe - 2
Peggy Hopp - 2
Gary Hopp - 4
Jewelle Hoye - 41
William Jackson - 9
Shona Jalowiec - 1
Donna James - 7
Mary Kandell - 19
Kate Kashiani - 1
Jan Kasper - 2
Lisa Kassouf - 8
Danielle Kelly - 29
Christian Kenzig - 1
Tina Kerka - 2
Jodi Kidd - 5
Gary King - 22
Jen Kostos - 71
Dan Kostos - 2
Kevin Kovach - 6
Patty Krasienko - 74
Anthony Krasienko - 11
Earl Krogman - 1
Gloria Kusta - 15
Kerry Laird - 2
Jason Lang - 7
Stefanie Lange - 9
Joe Lattanzio - 51
Joshua Leonard - 10
Mary Little - 9
Sandra Lopatka - 11
Emily Lopez - 20
Twila Lukavich - 4
Ashley MacLaren - 1
Edward Madeline - 3
Jill Mader - 9
Sandy Mangan - 5
Tiffany Mather - 1
Yvonne Meder - 11
Charlene Meyer - 4
Sunnie Mick - 2
Eric Miller - 7
Noel Mira - 5
Will Moine - 12
Kathy Montgomery - 2
Debra K. Moore - 18
Muncie Moreno - 1
Christina Moretti - 4
Teresa Mullett - 3
Nancy Mullins - 2
Maria Murdocco - 1
Janny Myers - 3
Andrea Neal - 10
Doris Neenan - 1
Joanna Nemeth - 2
Jo Ann Nemeth - 1
Linda Nido - 1
Ann Norton - 26
Kelley Nuttall - 2
Carrie P Fiala - 32
Jennifer Parobek - 23
Tommy Partin - 3
Carolyn Patchin - 10
Chalon Patterson - 6
Dan Pelko - 8
Chelsey Pfahler - 4
Paul Pokryfky - 20
Mike Rakotci - 1
Mary Roche - 11
Pollyana Rodriques - 1
Kevin Rogers - 24
Sherry Rosbough - 12
Edith Ross - 1
Sandra Runyon - 1
Kevin Russell - 1
Donna Sadler - 6
Melissa Salem - 4
Christopher Salem - 4
Sarah Schatz - 1
Kathy Schlessman - 9
Tim Semmens - 86
Ron Shorts - 7
Tamara Sims - 11
Janet Sirbaugh - 1
David J. Sleva - 1
Tammy Smith - 3
Scott Smith - 26
Jeanette Smith - 18
Tami Smith-Caver - 3
Michelle Stanifer - 4
Sarah Stashick - 31
Ann Steinemann - 3
Jodi and Ellis Stevens - 16
Jorunn Stimbra - 3
Karen Sutera - 3
Ronald Szmik - 2
Frankie Tadsen - 5
Jeffrey Tallman - 5
Jenny Taylor - 51
Casto Team - 1
Trista Tharp - 18
Nancy Thompson - 10
Julie Thompson - 8
LeeAnn Tomko - 10
Julie Trettel - 15
Josh Twitchell - 12
Patti VanScoy - 13
Bob VanScoy - 24
Rinula Vassilakis - 7
Brian Victor - 22
Nadija Vodopivec - 1
Brett Walchalk - 2
David A. Walzer - 3
William Warwood - 11
Amanda Wilkins - 14
Sara Williams - 3
William Les Wilson - 21
Sheila Wilson - 1
Andrew Wollf - 9
Jack Woodruff - 8
James Yakovich - 1
Andriy Yakushchenko - 4
Angela Yuko - 1
Susan Zabrecky - 1
MaryAnn Zahand - 2
Stan Zarycki - 4
Denise Zarycki - 5
Andrea Zrnich - 4

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Russell Real Estate Services
12198 Pearl Rd.
Strongsville, OH
440-379-1109
440-268-9647

Other Locations