Your First Move

Dated: January 4 2024

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Getting Pre-approved is Your First Move

Before you start envisioning life in your new home, getting pre-approved for a mortgage is an essential step you shouldn't overlook. Working with a trusted local lender for pre-approval is key, especially in a market where home affordability is at an all-time low and competition is fierce due to limited housing inventory.

Pre-approval is a vital part of your homebuying strategy. It involves a lender reviewing your finances and determining your loan eligibility. This process results in a pre-approval letter, which clarifies how much you can borrow, giving you a clear budget for your house hunt and a competitive edge in a crowded market.

Avoid disappointment

Getting pre-approved for a mortgage is more than just obtaining a letter from your lender; it's a crucial step in understanding your financial capabilities and avoiding the disappointment of falling in love with a home you can't afford. This process, combined with strategic budgeting, provides a clear view of what you can realistically spend.

Standout in a competitive market by showing sellers that you are serious

Pre-approval not only prepares you for the financial aspects of home buying but also signals to sellers that you're a serious contender, especially important in a competitive market with more buyers than available homes. In situations where multiple offers are common, having a pre-approval can be a significant advantage, showcasing your commitment and readiness to proceed, which can be influential in a seller's decision-making process.

Pre-approval demonstrates to sellers that you're a committed buyer, not just a casual observer. It signifies that you've already undergone credit and financial assessments, increasing the likelihood of a smooth and trouble-free transaction. Sellers appreciate this reliability, making it a win-win situation.

In summary

Before you start mentally decorating your dream home.  It will save you time, reduce stress, and prevent potential headaches during the homebuying process. Being well-prepared significantly improves your chances of securing the home you desire. 

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Mike & Polly Figueroa

The husband and wife team of Mike & Polly Figueroa (a.k.a The Figs) have been providing a superior real estate experience for their clients since 2007. Polly’s boundless enthusiasm for real estate a....

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