4 Ways to Maximize Your Preapproval Power

1. Narrow Your Search

Now that you know how much you’re preapproved to borrow, you can filter out listings that aren’t near your target number. Don’t waste time looking at houses that are out of your price range—or priced too low. If you know you can afford better than a fixer-upper, set your parameters to aim higher.

2. Spend Your Extra Time Wisely

With a preapproval, you don’t have to spend as much time browsing through listings, so you can accelerate your home search by using that extra time for other steps: visit neighborhoods, scrutinize properties carefully, and think more about the little details.

3. Let Your Agent Drive a Harder Bargain

Sellers love working with preapproved buyers. They know you have a secure source of financing, so they’ll be more likely to accept your offer over others. Your real estate agent may be able to help you take advantage of this, depending on certain market conditions, by offering less than their asking price—many sellers prefer to go with a sure thing than wait for who knows how long for a specific amount. Your agent can come up with an attractive lower offer.

4. Close Quickly

When you get a preapproval from Envoy, your credit and income have already been conditionally underwritten by the time you’re ready to close. You’ll probably have to provide additional documentation before closing, but preapproval speeds up the process significantly. Once you find your property, you will be in a position to get things rolling right away. The seller will be even more excited to take your offer knowing you’ll be able to close faster.

Your preapproval puts you on a faster track to homeownership, but the race isn’t over yet. Keep pushing and you’ll reach the finish line before you know it.