Real Estate Myth 14

This is a continuation of a series of posts inspired by a conversation with an acquaintance who revealed a good deal of ignorance about the real estate profession. Because I think an educated market benefits everyone, I intend to debunk as many myths as possible. I hope you find this information useful. Please feel free to comment!

Myth #14 -  Buyers should wait to secure loan approval until they’ve found a home they want to buy.

Fact - Many buyers want to find the “perfect” home before having their credit pulled, which can backfire when an offer is on the table and time is of the essence. It’s wise to get pre-approved for a loan even before you view your first home. 

Your credit report may contain inaccurate information that you were not aware of, which can be a time consuming process to rectify. Or, you might not like what loan program you qualify for, or you might qualify for a higher loan value than you thought. Ultimately, you will need a pre-approval letter with your offer, so do yourself a favor and do this in advance. It’s free, after all.

Real Estate Myth 8

This is a continuation of a series of posts inspired by a conversation with an acquaintance who revealed a good deal of ignorance about the real estate profession. Because I think an educated market benefits everyone, I intend to debunk as many myths as possible. I hope you find this information useful. Please feel free to comment!

Myth #8: It doesn't really matter if I get pre-qualified or pre-approved for a loan. I can do that when I find the home I want to buy.

FACT - It really does matter, and it gives you better marketability. 

Sellers generally do not want to take the risk of accepting an offer from an unqualified buyer. When you are head-to-head on multiple offers, the seller will give much greater weight to a pre-approved buyer. For starters, talk to your lender or call your Realtor for references.