First-Time Homebuyers: Why Pre-Approval Should Be Your First Step

Looking to buy your first home? Here’s a smart tip: start with a home loan pre-approval! It’s a game-changer that makes your homebuying journey smoother and stress-free.

What is Pre-Approval?

Pre-approval gives you a clear idea of how much you can afford, helping you focus on homes within your budget. Plus, it strengthens your offer when buying, sellers take you seriously, knowing you’re financially ready.

Why It Matters

•Stay Within Budget: Avoid overspending or taking on unmanageable debt.

•Faster Process: Narrow your search and speed up the loan approval process.

•Better Negotiation Power: A pre-approval certificate shows sellers you’re a serious buyer.

Dos and Don’ts After Pre-Approval

•Avoid New Debt: Don’t max out credit cards or apply for loans, it could hurt your credit score.

•Keep Paying Bills: Stay on top of payments to maintain your financial profile.

•Hold Off on Big Purchases: Even cash purchases can affect your deposit or loan approval.

•Don’t Change Jobs: Career changes might delay your loan approval.

Key Reminders

Pre-approval is typically valid for three months, so act quickly. Before making any major financial moves, consult your bond originator to ensure you’re still on track.

Getting pre-approved sets you up for success and helps you secure your dream home with confidence!