Becoming Pre-Approved is VERY IMPORTANT...it should be the very first step to purchasing a home. Below you will notice a few reasons why becoming pre-approved is so important.
Put yourself in the sellers shoes, would you ever take your home off the market for a buyer that promises to you they can purchase your home? No way! Sellers have the right to know that you are purchasing their home in good faith and a pre-approval shows them that you have taken the necessary and important step of becoming pre-approved.
The pre-approval process is short, gathering just a few of your most recent financial documents such as your W-2, pay stubs, bank statements and tax returns. As well as the lender will check your credit to make sure all is in order there also. If you have issue that show up on your credit report that may delay or prevent your from becoming pre-approved it is so important to know that before you find the home of your dreams. In this case checking your credit upfront in the home buying process will allow you to fix or update your credit report. There are agencies out there that can help you to do this saving you time and money so please consult a professional...not all credit repair companies are created equal so please get a referral from a trusted source.
The second part and just as important as the first is your pre-approval will help you to determine certain cost that will be involved once you have found the home you are interested in purchasing. In order to start your home search it is important to know the amount in which you qualify. Your lender should discuss with you what your pre-approved limit on sales price (price of the home) and your monthly estimated payment. Knowing these numbers will certainly point you in the right direction when starting your home search.
Below is a form that you can fill out to get more information about the pre-approval process and start the first step to owning your new dream home.
Contact Sarah Sells KC Homes for more information about the pre-approval process, setting up a home search or to preview a home in the Greater Kansas City area that you may have already found online.
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