Cedar City Utah Real Estate » Loans http://www.cedarcityonline.com/blog For More Information Contact Sam at 435-701-0448 Sun, 13 Jun 2010 16:26:27 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 The Importance of Being Pre-Approved http://www.cedarcityonline.com/blog/the-importance-of-being-pre-approved/ http://www.cedarcityonline.com/blog/the-importance-of-being-pre-approved/#comments Thu, 18 Jun 2009 20:13:30 +0000 admin http://www.cedarcityonline.com/blog/?p=305 I have been working with a lot of buyers lately and I am often asked why or if its important to be pre-approved.   My answer is always the same and it is yes it is important to be pre approved.   Throughout this article I will stress the main reason I feel it is important to be pre approved before looking at properties with your Realtor.  

The first reason it is important to be pre approved is so you don’t waste time looking at homes you will not qualify.   If you only qualify for $100,000 dollars it doesn’t do much good to start looking for homes that cost $150,000 because you wont be able to purchase them anyways.   This seems like common sense to many of you but I have seen it way more then I want to.  

Another reason to get pre approved is the sellers will take you more seriously.  When you submit your offer to the seller you will also send in your pre approval letter stating that you are already pre approved.  This tells the seller he has as serious offer with a buyer that is already pre approved for the loan amount.  

Another reason it is important to be pre approved is during the pre approval process the lender may find minor items that need to be fixed.   By being pre approved prior to writing an offer you have time to fix any glitches in your credit or debt to income ratio.   This could be the difference between you losing your earnest money and not being able to purchase the home or you being able to fix any problems that arise and still being able to purchase.  

Well there  you have it.  Always get pre approved before purchasing a home.  If you have any real estate questions or questions about being pre approved please call me at 435-701-0448

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