Many buyers call me feeling excited to get out there and start looking at homes. However, I do recommend that you talk to a lender first, because it’s important to get pre-approved before you begin your home search.

There are a couple of reasons why.

First of all, getting pre-approved lets you know what your price range is.There’s nothing worse than looking at homes in a higher price range and finding out that you can’t afford them.

It’s like test-driving a Lexus only to be told that your budget will only allow you to buy a Camry. Nothing against the Camry, but it can be difficult to get excited about buying one after you’ve seen what the Lexus can do.

Similarly, it’s hard to look at homes in a higher price range and then adjust your expectations for the price range you can afford. You will be disappointed with the homes in your price range after you’ve seen other ones.

“Getting pre-approved lets you know what price range you should look in.”

On the other hand, you may get pre-approved for a higher-priced home and decide that you would prefer not to spend that much. In other words, you may be able to afford a Lexus but decide to stick with a Camry instead.

No matter what, it’s really important to know your numbers, and the pre-approval will tell you exactly what to expect.

Secondly, getting pre-approved before you start looking at homes makes you more competitive as a buyer. You might find the home you want only to discover that there is an offer deadline. You may also end up competing against multiple offers or cash buyers. The pre-approval letter helps you compete with those buyers. It shows the seller that you have talked to a lender who has verified your income, credit, and assets.

If you do find the house of your dreams, a pre-approval letter allows you to make an offer in a timely fashion.

So, before you start looking at homes, make sure that you talk to a great lender and get pre-approved.

If you have any other questions about getting pre-approved or would like me to put you in touch with one of my trusted lender partners, give me a call or send me an email. I would be happy to help you!