A pre-approval is exactly what it sounds like: a lender has reviewed your finances and credit history and is willing to loan you X amount of money. Being pre-approved can help guide the way through your home-buying journey. You will…
Understand the Price Range That’s Actually Best for You
A pre-approval gives you a price range to work with. Shopping with a strong understanding of what you can afford means you won’t fall in love with homes that wind up being just out of reach. Knowing your limits is also crucial when it comes to negotiating with confidence.
Gain Credibility With Sellers
A pre-approval is appealing to sellers because it shows you’re serious about buying a home. It reassures them that you’re committed to the process and can afford what they’re asking for. In an UNdeniably competitive housing market, a pre-approval gives you an edge over buyers who haven’t gone through the pre-approval process.
Budget Better
With a pre-approval, you’ll know how much cash you need to close and your maximum monthly payment. Your budget won’t be a guessing game, which means you can prepare for the other costs associated with buying, moving into and furnishing your new home.
Fast Track the Closing Process
By the time you’re ready to close, you’ll have already done most of the paperwork thanks to your pre-approval.
Working ahead, knowing your budget AND improving your odds of scoring your dream home? That’s UNbeatable.
This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.