Are You Making This Critical Mistake Before You Start Your West Knoxville Home Search?
Starting off your West Knoxville home search is exciting and sometimes a little overwhelming.
But, before you plunge headlong into searching for a home, it’s important that you don’t make one very critical mistake, especially in the current seller’s market.
So, what is this one critical mistake?
Failing to get pre-approved before you start off your West Knoxville can be an often critical mistake that many buyers make. In this post, we’ll explain why this is a critical mistake and why you shouldn’t wait to get pre-approved before starting your home search off.
Why Get Pre-Approved First?
When you don’t square away your financing prior to starting your home search, it’s like you’re skipping an essential step in the process of buying a home. Even when you have good income and fabulous credit, this is still an essential part of searching for a home and here’s why.
Let’s say you decide that you’re going to buy a West Knoxville home. You’re just wanting to see what’s out there and aren’t necessarily in any hurry to buy. You’ve got a house that you plan to sell after you buy, so you have the time and luxury to look. At some point, you find a house that meets all of your criteria. It has everything and the price is perfect. So, you decide to go see it on a Saturday afternoon. As it ends up, the home is perfect and you want to put an offer in.
The only problem? You haven’t quite secured your financing. You’re pretty sure that it’s in your price range. But, you still have a few questions about what your monthly payment would be. And, to make matters more complicated, you know there is already another offer on the home, so your window of time to make an offer is narrow. Being that it’s a Saturday, it may take some time to talk with a loan officer and get the answers you need.
So, as it ends up, you miss out on this home. Had you taken the time to get pre-approved prior to starting your home search, you wouldn’t have missed out on this fabulous home. Sure, there will be another home, but there’s no saying when you all may find it.
Getting Pre-Approved Is Simple
There’s no reason not to get pre-approved before you start your home search. Getting pre-approved is a simple and painless process, so there’s no excuse to skip this step before starting your home search.
When you get pre-approved, a loan officer will take down some information about your income and debts.
Here is a list of documents that are commonly needed for pre-approval:
- Pay stubs
- Tax returns
- Bank information
- List of monthly expenses
Based on that information and pulling your credit, a loan officer can tell you how much you can afford and let you know what your loan options are. They will also be able to answer any questions you may have about your loan options.
Why It Matters
Getting pre-approved is important for two big reasons. First, it helps to know what you can afford, since that is the biggest factor that guides your home search. Secondly, it also makes you more of an appealing buyer.
When you get pre-approved first, you’re ensuring that you are looking in the right price range. You may be able to afford a little more or you may be able to afford a little less. Regardless, it’s important to have your number verified before seriously looking at homes.
When it does come time to make an offer, it’s important that you prove you’re a legitimate buyer. When you make an offer a seller will want to see that you can secure financing. By submitting an offer with pre-approval letter, you show that you’re a good buyer.
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 Rick@KnoxvilleHomeTeam.Com. Kati can be contacted at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.