Top 3 Benefits of Preapproval
More hopeful homeowners go the preapproval route each year. Here are three major reasons why it’s a good idea:
1. You’ll Save Time
Getting preapproved means you have a clear budget and price range. Shopping online, meeting with a real estate agent, and negotiating with the seller should be faster and easier.
2. You’ll Save Money
The seller may give you a better price during the negotiation phase if they know you have a definite source of cash.
3. You’ll Have a Better Chance of Getting Your Home
The seller may have multiple offers on the home. If you’re preapproved and the other buyers are only prequalified, the seller could be more likely to choose your offer because you’re less of a risk.
If you ask for a preapproval, the extra commitment you make at the beginning can pay off in bigger benefits at the end. Whatever you decide, Envoy will always work hard to make sure you love your mortgage experience.
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