Friday, September 19, 2014

Mortgage Pre-Approval When Purchasing a North Shore Home?

Should I get pre-approved for my mortgage when buying North Shore real estate?

Chicago North Shore Real Estate
Mortgage Pre-Approval

In today’s market, seeking a pre-approval for a home loan is vital! While the real estate market on Chicago’s North Shore is continuing to improve, lending guidelines are still tight. Having a pre-approval for a mortgage will help to set you apart from other North Shore buyers. Here are 3 things that a mortgage pre-approval will do for you in your home buying process:

1) Establish your price range

By completing the pre-approval process before you begin your search, you will save yourself the time and energy of looking at homes for which you will not qualify. Establishing a price range will allow your realtor to quickly narrow down your options so that you can spend more time focusing on the features that you would like to have in your home.

2) Give you a competitive edge over other buyers.

It is not uncommon for sellers to get multiple offers on their homes. By having a pre-approval for a mortgage, it let’s the seller know that you are serious about purchasing the home and that you are also qualified to do so. If a seller is evaluating offers from a pre-approved buyer and one who is not, the pre-approved buyer will probably win.

3) Streamline your home buying process. 

From the moment that you view your first home through the day that you sign on the dotted line, having a pre-approval can make the process much smoother and less stressful. Once you find the perfect home, you’re not going to want to wait days or weeks to find out if you are approved for a loan while worrying that another buyer is going to come in a scoop it up in the meantime.

Getting a pre-approval for a North Shore home loan can really help to simplify your home buying process. You will have to go through the approval process at some point no matter what, so why not get it out of the way early on? Please contact me if I can be of assistance in buying or selling your North Shore real estate!

Janie Bress
Your North Shore Real Estate Expert

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