Why pre approval matters

Sue Mravik & Associates, Keller Williams Premier Realty

There are certain things that have to fall in place before you can buy a home:

  • Have enough for a down payment and all closing costs
  • Know what closing costs are
  • Clean up your credit score by clearing old debts and stop applying for other lines of credit
  • Figure out how much you can realistically afford
  • Know what you want in a home and what you can do without

But the most important thing to do is get preapproved for a mortgage, if needed. If, as a buyer, you don’t need a mortgage and are paying in cash, you are a rare breed and can log in to Facebook now. You don’t need to read this.

A pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information. Most pre-approval letters are good for 60 to…

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