If you are a first-time home buyer and are finally wanting to make your dreams of homeownership come true, then now is the perfect time to do so. The beginning of 2019 is all about the buyers due to the current low housing prices and competitive mortgage rates.
But before you get started, you should know about the first step that should be taken when applying for a Brooklyn mortgage. So, to help provide some insight, your local lender, Yael Ishakis, has explained what a pre-approval letter is and whether or not one is necessary to make an offer.
What Is A Mortgage Pre-Approval Letter?
Getting pre-approved for a mortgage is when a Brooklyn mortgage lender extensively reviews your financial history and will run a current credit report to see how likely you are able to manage a monthly mortgage.
Now, receiving a pre-approval letter is not required in order to make an offer on a home, however, there are many benefits associated with receiving a pre-approval letter that can help you throughout the home buying process.
Benefits Of A Pre-Approval Letter
A major benefit of receiving a pre-approval letter is that it gives you more credibility when working with sellers. This is because the sellers know you are financially responsible and can afford to make the purchase.
By having a mortgage professional review your finances ahead of time, you will also know how much you are able to afford. Knowing this amount can help you when viewing different homes for sale so you avoid looking at ones that are outside your budget. This can help prevent falling in love with a house that is outside of your budget and it can save you time when browsing different homes.
Another benefit to receiving a pre-approval letter is that you can work with a real estate agent. Most realtors refuse to work with a buyer who has not been pre-approved because they want to be sure they are dealing with someone who is serious about homeownership. So, if you wish to work with a real estate professional and have access to more listings, then getting pre-approved can help make that happen.
Contact Us
If you are interested in receiving more information on the benefits of getting pre-approved, please contact the best mortgage lender in Brooklyn, Yael Ishakis, at 718-732-0309.
Comments on this entry are closed.