[West Knoxville Mortgages] Do I Really Need To Get Pre-Approved?
Many buyers start their home search and worry about getting pre-approved for a mortgage once they find the right house.
Unfortunately, starting your West Knoxville home search of this way can be wrong for many reasons. While West Knoxville mortgages can be overwhelming and you may not want to get involved with the process until you’ve found the right home, there are still many benefits why you should get pre-approved first.
In this post, we’ll cover why you should get pre-approved before starting your home search and how it will make your home search easier.
Why Should You Talk With A West Knoxville Mortgage Company
Most buyers need to get a mortgage when they buy a home. So, at some point, you’ll need to talk to a West Knoxville mortgage company in your home buying process. The best time to do this is before your even start your home search.
Trust us on this one, it matters. You don’t really know what you can afford until you’ve talked with a loan officer. You may be able to afford more or you may not to be able quite what you thought. Regardless, knowing your price range is the single most important search criteria you will have when you start looking at homes.
Without this information, you’re basically starting your home search off blind. It’s nice to know what you can afford from the start and if that is truly what you want to spend. Your first step in buying a home should always be talking with a loan officer. Any realtor will tell you there is nothing worse than a buyer finding a house only to find out they can’t afford it.
The Difference Between Pre-Approval & Pre-Qualification
A pre-qualification is just an estimate of what you can afford based on what information you give to your lender. A pre-qualification doesn’t include any income verification or pulling your credit report. It’s more or less just an estimate of what you can afford based on the information that you provide.
When you get pre-approved to buy a West Knoxville home, a lender makes a commitment to provide you with financing and you make a commitment to use them for your loan. Generally, getting pre-approved involves some time of application fee. You will also provide the lender with all documentation for your income, assets, and debt. A loan officer will also probably pull your credit.
With a pre-approval, there is more work, but it also holds more weight than a pre-qualification. It shows that you’ve taken the time to get pre-approved to show that you are a solid buyer.
Why The Difference Matters To You
A pre-approval makes a big difference. It gives you the answers you need before you start your home search. You know what you can afford and that can help guide your home search. Instead of looking at homes that may be above or below your price range, you can look at homes that you can afford with the confidence that you can afford them.
It also shows sellers that you’re a competent home buyer, which in a seller’s market is important. Submitting an offer with a pre-approval letter can help make your offer stand out. It shows the seller that you’ve taken the time to talk with a lender and show that you’re a solid buyer. In a competitive market, every detail matters.
Are you interested in buying a West Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.