One of the best bits of advice we can offer a prospective homebuyer is to obtain pre-approval for a home loan.

Let’s look at some distinct advantages this offers you.

A More Realistic Approach to House Buying
That million dollar mansion that you viewed may have created a memorable afternoon out, but why waste your time and raise your expectations by looking at homes you ultimately can’t afford? It’s much better and less frustrating to target your search to homes that comfortably fit your financial situation.

Enhanced Negotiating Power
Multiple offers are again common in the local Washington market. Knowing how much you can borrow gives you much better negotiating power, not only because you know your limits, but because the seller can have confidence that if he accepts your offer, your loan is very likely to go through without a hitch. This gives you a distinct advantage over a buyer who is not pre-approved.

Home Hunting with More Confidence and Focus
It’s something of an intangible advantage, but you will unquestionably find the house buying process less frustrating if you are going out with the confidence that you can achieve your dreams, rather than just crossing your fingers and hoping for the best. As alluded to earlier, your home search will also be more organized if you focus on what is available in the price ranges that match your pre-approved finance level.

So How Does a Buyer Get Pre-Approved?
It’s easy and can often be done over the phone. You may have a lender you already trust. If not, The Walker Team has a list of favored lenders we know offer low rates, and who seem to always get the loan closed and the home sold.