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Preapproval | Blog

Thursday, August 27, 2020   /   by Charlotte Rose

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.


According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:




“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.”



This paperwork (the pre-approva ...

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  home buying, first time home buyers, interest rates, preapproval