Mary Nash & Phil Shannon Dartmouth REALTORS®
Mary & Phil REALTORS® 796 Main St Dartmouth, NS B2W 3V1
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The Importance of Pre-Approval for Financing a Home


Having your loan pre-approved, in contrast, to common belief, is not solely for the benefit of the agent. In fact, a loan that is pre-approved is proof of the credibility of the buyer to the seller. Experts in the real estate industry advise first-time buyers that it is often critical to have the loan pre-approved even before shopping for a new property. Let us look at the benefits that you can expect.

MORE TIME IN EXAMINING THE BEST HOMES.

As you decrease the number of home that will fit your preferences and needs, you can spend more time thinking about the advantages and disadvantages that each home has to offer. Most first-time home buyers usually do not move the price point as they sort out their preferences. Now, however, you can easily devote your time and energy in looking at small things that will really matter to you. This may include checking whether your car will pass through the overhead space in your garage.

CORRECT POSSIBLE CREDIT PROBLEMS

It is not really usual for a potential buyer not to know their credit score, particularly for first time buyers. It is all quite possible that buyers are not aware of issues with their credit. Among the most common issues with potential buyers is the credit score. There are requirements that every lender need for their loan products. Another problem is a possible error with the credit. This usually comes as a result when you fail to monitor your credit report. It is also possible to have an error removed on your credit, even though there is no problem at all. The process to have these errors removed may require sending letters to the credit bureaus and the creditor. It may even reach about a couple of months to be corrected and for the score to be adjusted.

CONCLUSION

Indeed, there are a number of reasons why having your mortgage loan pre-approved should be prioritized. A dependable real estate agent will be able to provide you the above-mentioned benefits. Note that some of the advantages will be only visible in the long run. With this in mind, it is best to avoid making the mistake that is usually committed by most buyers, which is not having their loan pre-approval before searching for new homes.