Angela Morton

The Importance of Getting Preapproved for Your Home Mortgage Loan

In our current blog series, we are walking through the 7 key steps involved in buying a home. We’ve already talked about the importance of getting your finances in order and hiring a Realtor®. Now, we will dig into the home loan application process. More specifically, we want to talk about the value of getting preapproved for your mortgage loan.

A Devastating Scenario
Imagine this common scenario. You find the home of your dreams. You make an offer. Your offer is accepted by the seller. You are over the moon with excitement. Then, you apply for your mortgage loan and are denied. Maybe you don’t qualify for a home loan at all, or more likely, you might not qualify for as much as need to buy that dream home.

This experience is devastating, and we’ve seen it happen time and time again with home buyers who aren’t prepared. Of course, this goes back to the first step in this series about getting your finances in order. If you have high amounts of debt, low or inconsistent income and/or a poor credit score, you might find it harder to qualify for a loan—or you may only qualify for a certain amount that won’t give you as much buying power.

getting preapproved for your mortgage
This is why it is so beneficial to get pre-approved for your home loan. It’s an easy process and it will completely change the way you can approach your home search and make purchase offers.
Mortgage Guide - 7 Steps to Consider When Purchasing Your Home
7 Steps to Consider When Purchasing Your Home
Check this Guide Out! It is a must read if you are about to buy a house.