If you’re even considering purchasing a home in the next year, the time to start the pre-approval process is now. Why so early? Here’s some advice to get you on track to a smooth purchase transaction. While you don’t want to actually apply for the loan until your are ready to make an offer on a home, working on the pre-approval process allows you to address any concerns that crop up on your credit report, save for extra downpayment, and know how much you can afford before you fall in love with that out-of-reach house.
House hunting without knowing how much mortgage you can be approved for is like a novice making a cake without following a recipe. It might turn out okay, but more likely it will be a disaster.
In a competitive market, you might find the perfect house, but can’t make an offer on it because you don’t know if it’s even in the ballpark of what you can afford. That house could slip through your fingers because other—more prepared—buyers know what fits their budget or overall financial situation, and can make the offer at once. Many sellers, or their agents, reject offers from potential buyers that do not have a preapproval letter from their bank. When the buyer has a preapproval letter, the lender has already verified the borrower’s information, documentation, employment history, income and credit. Even though the preapproval is not an actual loan commitment, it is farther along than without it, and can shorten the underwriting process and loan approval process.
Seek professional advice
As your real estate professional, we can point you in the right direction before you get too far in the process of home shopping. We know lenders that can meet your needs and give you direction on which types of loans might work for your situation. Fill out the form on this page and well send you 3 great local mortgage professionals that can you get you started with the pre-approval process.
“Thank you so much for taking the time to share your wonderful experience with Norhill Realty and especially with Amber! She is great agent. If you have any future real estate needs in Houston, please don't hesitate to reach out. Amber and Norhill are here to help. ”
“I recently had the privilege of working with Laura Ruppert when I moved to Houston. Laura is an exceptional agent and made the process of relocating to Houston a breeze. Laura was always punctual and extremely knowledgeable and stands in a class of her own. I highly recommend Laura to anyone looking for a Real Estate agent
“From start to finish our experience with Lydia Davies and Norhill exceeded all expectation. Lydia went above and beyond for us every step along the way. We had every confidence that our best interest was at the center of the transaction.”
“My husband and I met Dave at an open house he was hosting. While we knew that particular house was not for us, we immediately hit it off with Dave. He made the process of finding and purchasing our home as easy as could be. He gave us honest answers to our concerns, handled any issues promptly and efficiently, and has a low pressure approach which …was so refreshing. By the end of the whole process it honestly felt like we gained a friend. Now, we are turning our attention to selling our previous home and of course will be using Dave again”Read More ▾
“Very happy with my house buying experience with Caty Gleason. She was responsive to every bit of communication. She took the time to search so many properties and see them with me. House buying is a huge process and can be stressful. Caty made it smooth and easy. Caty was a great communicator and showed up and helped me find a place that I love. I …look forward to living in my new home for many years to come ”Read More ▾
“Katie has been fantastic. She helped us every step of the way, from identifying the right home, to negotiations, closing and beyond. Our situation was a little complicated because we moved from Canada, but Katie went above and beyond expectations to help us. For instance, we made multiple trips to Houston to look at properties, and she was always s…uper helpful and she drove us around. She also went to see properties on our behalf and FaceTime d with us multiple times. We really trusted her opinion and her judgement, and we knew she always had our best interest at heart. Throughout negotiations and closing, Katie explained to us every detail of the process. Again, she was super patient with us because, being from abroad, we were not entirely knowledgeable of the real estate rules in Texas. Even after closing, we still reach out to Katie for advice on things home-related. We really had a great experience with Katie. She is incredibly competent, professional and just a very nice person. We will recommend her to anyone who s moving to the Houston area in the future.
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Katie Hall Schexnayder
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