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In this competitive market with low inventory and growing numbers of buyers, it’s important to enter the market with a leg up, so make sure you are pre-approved.
Why should you get pre-approved when starting the home search process?
There’s no doubt about it: the real estate market is as competitive now as it’s been in a while. Inventory is near record lows, and more and more homebuyers are entering the home market. Because of this, it’s a no-brainer to start with getting pre-approved by a lender.
The reality is that a lot of homebuyers aren’t starting with a pre-approval. They’re getting emotionally invested in the home search process and when they are ready to put an offer on the perfect home, they find that another, more prepared buyer has already made an offer — and that buyer has been pre-approved.
Instead of starting your home search at an open house, one of the wisest things you can do is start your search at a mortgage office. In general, there are a few things that a lender will ask you for:
1. Proof of income. Have your tax returns and pay stubs from the last 30 days ready, and be prepared to show them your year-to-date income and possibly some bank statements.
2. Proof of assets. This is where your bank statements will also come in handy.
3. Good credit. You’ll need to be able to give them your social security number, date of birth, and some other personal information so they can check your credit scores.
“You need to start your home search process right, which means going to a mortgage office first.”
These are some of the most common things you’ll need to get in order to be pre-approved, though your lender may ask for other items, depending on your situation.
The bottom line is that you need to start your process right, which means going to a mortgage office first. If you need recommendations for a good mortgage lender, or if you have any other questions about buying a home, feel free to reach out to me. I’d be glad to help.
