Did You Get Pre-approved For A Home Loan Before Looking For A House?

Discussion in Mortgage & House Payments started by Zyni • Oct 14, 2015.

  1. Zyni

    ZyniWell-Known Member

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    When it comes to buying a house, there is a lot to think about. While it's an exciting time, it can also be very stressful. One thing that can help alleviate some of that stress is getting pre-approved for a home loan.

    A mortgage company can help you learn what you need to know to get your credit and finances in order. Then, you can get pre-approved, so you'll be able to make an offer if you find the perfect place.

    It will also give you a starting point, since you'll know how much house you can afford. You won't waste your time or that of anyone else by looking at houses that are outside your range.
     
  2. missbishi

    missbishiWell-Known Member

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    Getting pre-approved was the first thing I did when I decided to buy a house. I wanted to know exactly how much I could borrow, so I didn't waste time looking round houses that were out of my price range. It wasn't just the overall cost though, I also wanted to be certain that I could afford the proposed monthly payments before I committed to anything.
     
  3. Rosyrain

    RosyrainActive Member

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    I am actually working on getting a preapproval at the moment and it is the best way to go when you are looking to buy a house. If there are more than one offers on a house someone is selling, they will usually go for the person who has already been preapproved. Also, why would you want to go through the upset of making an offer on a house and then finding out you do not qualify for the home loan. It is always better to get preapproved first so that you know you will most likely get the money and how much you will get.