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Do You Really Need To Be Pre-Approved For a Mortgage?

You have likely heard that you should be pre-approved for a mortgage prior to going to look at homes.  Is that really necessary?  Well, if you are flush with cash and have a great credit score you may not have to be pre-approved.  Here are some good reasons to be pre-approved.

You can shop with confidence.  You will know exactly how much you can spend because you will know how much you can afford.  It's disappointing to fall in love with something you cannot have.  Don't put yourself in that position. 

Being pre-approved will give you peace of mind for when you do find that property you really want.  Imagine finding the one and then having difficulty securing a mortgage.  By the time you get it all sorted out the home could be gone. 

Being pre-approved gives you a competitive advantage.  Imagine you are selling your home and you have two offers, one is pre-approved and the other is yet to be approved.  Which offer are you taking?  A seller is much more likely to go with the offer that has been pre-approved because of the security that it represents. 

Overall, being pre-approved is really the first step to buying a home.  It makes house hunting a little less stressful and much more successful.  Thanks for reading!

By Patrick Murray