If you need assistance, please call 954-610-0563

How Not Getting Pre-Approved Before Your Home Search Can Cost You

Friday, November 15, 2019   /   by Andy Mandel

How Not Getting Pre-Approved Before Your Home Search Can Cost You


Among the most common mistakes buyers make during their home search, the biggest of all is failing to get pre-approved by a lender. As exciting a time as it may be, not getting pre-approved before starting your search is putting the cart before the horse. 


In some instances, buyers that bypass the pre-approval end up looking for homes in price points well above their affordability. In other cases, when buyers meet with a lender, they’re surprised to learn that they can afford much more than they thought.

A lender will look at the totality of documents needed to apply for a mortgage. By doing this, they’ll be able to make an upfront determination so that when you go to write an offer on a home, there’ll be no uncertainty around whether or not you’ll receive approval. 


If you’re self-employed, for example, a little more documentation will be required for the approval process, so speaking to a lender in advance will serve you better down the line.  


Let’s say you’d like to receive financing through an FHA loan, and you have your sights set on buying a condo. Well, it’s virtually impossible to purchase this type of property with an FHA loan.  

If you’re not informed early on, you’ll waste time that you otherwise could have devoted toward properties that are aligned with the mortgage you qualify for. 


It’s fairly common for buyers to have a blemish or two on their credit that continues to affect their score over time. A good lender can work with you ahead of time and help you erase these and pay off some old debts. 


Recently, a client of mine saw her score receive a 50-point bump thanks to the work of a good lender! This propelled her into a whole new credit category and, as a result, she’s now eligible for a much lower mortgage rate. Like this particular client, doing this could actually save you thousands of dollars over the life of your loan.  


If you need a recommendation for a great mortgage lender, please let us know. We work with some of the best in the area and even the industry. And, as always, if you have any questions related to real estate, reach out as well. We’re always here for you! 

 
The Mandel Team at Re/Max
Andy Mandell
9615 Westview Drive
Coral Springs, FL 33076
954-610-0563

The multiple listing information is provided by MIAMI Association of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listingare © 2018 MIAMI Association of Realtors®. All Rights Reserved.
The information provided is for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
All listings featuring the RPBGFL MLS logo are provided by the Realtors of the Palm Beaches and Greater Fort Lauderdale, Inc. and BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright 2018 Realtors of the Palm Beaches and Greater Fort Lauderdale Inc. and BeachesMLS, Inc.
This site powered by CINC: www.cincpro.com