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3 Benefits of Pre-Approval

There are many types of real estate transactions, whether you’re buying a home, commercial building, or plot of land. Each process requires different considerations and paperwork, but they should all start with getting pre-approved for a loan. Since this process takes time and involves a hard credit inquiry, you may wonder if you can skip it. Consider why it should be your first step instead.

3 Reasons to Get Pre-Approved for a Real Estate Transaction

1. Gives You an Edge

No matter the real estate market, it can be tough to buy a house, building, or plot. There will always be competition, so it’s crucial to make yourself stand out as much as possible. Getting pre-approved is essential for that. It suggests to the seller that you’re financially capable of following through with your offer in a timely manner. You’re more likely to find success that way.

2. Wins Trust

Some people aren’t serious about buying a property and merely want an excuse to look at homes or buildings for fun or to satisfy their own curiosity. Understandably, many homeowners and business owners would rather not risk their privacy and security by opening their real estate property to just anyone. If they know you’re pre-approved, they’re more likely to see you as a serious buyer and trust you with a showing.

3. Informs Your Search

You may have a good idea of what you can afford, but it’s challenging to figure out the specifics. Pre-approval gives you a clear idea of your price range and what to expect from your monthly payments. This can help you and your real estate agent focus on properties within your budget so that you don’t waste time and resources on anything outside your current limits. The narrower your search parameters, the faster you’ll find a suitable property.

Ready to start the pre-approval process? Contact Ashley Morales at (509) 590-6346 or so that she can put you in touch with The Dream Team’s preferred lender.

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Our agents write often to give you the latest insights on owning a home or property in the local area.