When you’re looking to buy a home, it’s important to remember that having a pre-approval letter from your lender is critical in the negotiation process. Most agents – including myself – will almost always ask you if you’ve got AT LEAST a pre-qualification before we go out to look at homes. Time is not money. You can always make more money – but we cannot make more time.
The Truth About Mortgage blog has a great breakdown of the differences between being pre-approved and pre-qualified, as well as why you should work to get the pre-approval before looking.
http://www.thetruthaboutmortgage.com/pre-qualification-vs-pre-approval/
Also, take a look at this infographic from Bank of the West that explains how a pre-approval from a lender makes a buyer’s offer more powerful.
Need more assistance? You can call or text me at 360-433-8890. Email me at tfox@bhhsnw.com
Tim Fox Homes 