Hi! I’m Robin Baker with loanDepot.
Before you fall in love with that house, here’s what to do:
GET PRE-APPROVED!
In case you didn’t already know, this is a process where a lender evaluates your financial information to determine how much they are willing to lend you.
That sets a clear budget so you can focus your search on homes within your price range.
Plus, a pre-approval requires submitting paperwork, so if there are any red flags on your credit report or your debt-to-income ratio is out of line, going through the process will let you know and your Loan Officer can give you strategies on how to overcome any obstacles that may be standing in the way of being approved.
Pre-approvals can also strengthen your negotiating power. Sellers AND agents will see you as a serious buyer who has taken the appropriate steps to be able to buy the house and this increases your chances of securing your dream home. I like to take it one step further and submit the loan to underwriting and get underwriting approval BEFORE you start making offers. The underwriting approval is even stronger than a pre-approval and it will allow us to close faster which can be stated in the offer and give you the competitive edge you need to win the deal!
So, are you ready to start the pre-approval process and find out which of our loan products is best for you? Reach out today!