The First Step
So we’ve touched on this a bit before in a previous blog post entitled “Things To Do When Buying A House”, but it’s a topic that does seem to deserve it’s own blog post. Probably about 25%-50% of new buyer clients that we are introduced to are unaware that getting their financing preapproval is absolutely the first step to complete before even looking at properties.
While we understand that going out and looking at homes and desired neighborhoods is exciting, without having that first important step of financing preapproval completed, it’s a bit like going hunting without ammunition. At best we have wasted time, and at worst we may have missed an amazing opportunity because we went out unprepared. As broker’s, it is our job to make sure that your goals of finding and purchasing the right home for you is a success. Part and parcel of that commitment is in making sure that you are prepared to be successful, which necessarily involves taking these steps in the correct order.
Getting your preapproval also helps to clear the path to homeownership by making sure that there aren’t any roadblocks to financing, such as credit score, income, or debt issues. Because there are many different opinions and ideas regarding these topics, a buyer may not be aware that their accounting has created an issue that could hang up their home purchase plans. Or perhaps their credit score was not what they anticipated based on a report from a year ago. Getting your preapproval allows for these issues to be addressed and hopefully corrected before getting into the nitty gritty of a home search and purchase. These are not the kind of things that you will want to be dealing with while ALSO writing offers and negotiation repairs.
If you’re considering purchasing a home in Portland in the near future, and aren’t sure who to talk to about getting a preapproval, we would love to provide some potential options. All buyer’s situations are different, and looking at multiple options is a smart decision. Additionally, getting ahead of the game is wise. Even if you don’t think you will be ready to buy for 3-6 months, it’s a good idea to begin talking to a loan officer now, so that you will have a strong preapproval when you’re really ready to begin shopping.
Need advice or recommendations? We would love to hear from you!