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So, you've made the decision to buy a home and you want to start looking, but what can you afford? How much will your budget allow you to buy?
A pre-approval will answer these questions for you, this way you are not looking at homes that are outside the price range which fits your budget.
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Imagine for a moment you are a home owner selling a home and you get two competing offers, one from Buyer A the second from Buyer B.
Let's say Buyer A is offering slightly more than Buyer B and otherwise the offers are the same, but Buyer B already has a mortgage pre-Approval from a reputable lender who has reviewed credit and income history, while Buyer A does not.
At this point there is less risk Buyer B will be denied financing and if the sellers need the money from this house to buy another home they will not want to gamble on someone elses credit worthiness.
What this means is that just by being ready Buyer B gets the house they want and even ends up paying less than Buyer A would have.
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Another reason for a mortgage pre-Approval is it can help to expedite the mortgage process.
Typically it takes between 45 to 60 days to get into a new home once your offer has been accepted, but if you lay the proper ground work with a reputable mortgage lender you will find the time to closing can usually be shortened dramatically.
Call or Contact Us for information on how to get your Mortgage preApproval today.
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