Just the other day, a new client of mine absolutely refused to begin looking at Temecula properites until after he had complete home loan pre-approval. When he asked my opinion on his strategy, all I could say was "good thinking!". Getting a complete loan approval before you shop is an absolute must to intelligent home shopping.
Why? - How about five good reasons:
- Once you have approval - it confirms that you really can purchase a home!
- Following approval you know what you can afford, including your monthly payment.
- After loan approval, you stop worrying and focus on strictly home shopping.
- With your loan approval in hand, your real esate agent may save you thousands.
- Since you have your approval from the get-to, your transaction will be smooth.
Let's address these five reasons in order. The simple fact that your loan is pre-approved confirms that you actually can purchase a Temecula, Murrieta, Wildomar or Menifee home - that is great news! Too many people really would like to purchase a home but never confirm that they actually can. You loan pre-approval lets you indulge in the enjoyable feeling of looking for real estate. It eliminates worry about what you can and can't do which will stress you out while you shop. Buying a home should be one of the most enjoyable things you ever do. So get your loan pre-approved, go out looking and really relish the experience.
Now you can go look at Temecula, Murrieta, Menifee or Wildomar homes in a relaxed state of mind since you have a green light financially and know what your monthly will be at different purchase prices. Now it is time for fun. If your agent is on the ball, any home you look at is one you can truly purchase. Additionally, by knowing your monthly and price range, you won't get irritated by seeing Temecula homes that are not in your financial sweet spot. Far too often, buyers don't know what they can afford so they look at everything which results in fatigue and disappointment.
By taking those two concerns off your mind, you should channel your full attention on finding the ideal home that best meets your family's goals. Frequently, buyers who are unsure of their loan situation miss critical things on the homes they are deciding on. Questions such as, "How much payment would this be?", "Can we even afford the monthly?", or "Are we approved for this much?", should not come up. Instead you should be analyzing things like school districts, commutes, location, neighborhood quality and future change among others are extremely important. When making a decision to purchase a home, you want your full attention on all the variables that will come into play. It is hard to have that focus if you have other concerns about even being able to buy a home.
Another key benefit of getting your loan approval is the leverage it gives your agent when you find a home. In a tougher market, a smart agent uses this advantage mercilessly to maximize the best deal for you. If you are competing for a fantastic deal on a great property, you will probably get the property because you are further along then the rest. Because there is less risk to your offer, you can ask for more in the form of a lower price, some closings costs, or a few extra repairs. It all adds up.
Perhaps the biggest benefit to getting your home loan pre-approved is truly enjoying a smoother transaction. This one thing chips in and makes everything a bit easier. When you get pre-qualified before you begin looking, you will enjoy home shopping so much more. You will also be able to focus and make a better long term decision that you will enjoy the benefit of for years to come. You most likely will also benefit financially by striking a better deal. And to wrap it all up, your transaction will be much less stressful and that much more fun and enjoyable. The saying, "luck is the result of a prepared mind" rings very true. A fantastic Murrieta or Temecula CA real estate deal is the result of buyers who set themselves up for success from the very start.
Stefan West is a Temecula Real Estate Expert who specializes in Temecula Homes, Murrieta Homes, Wildomar Homes, Menifee Homes. To learn more or read more articles about these communties, please visit my Temecula and Murrieta CA News and Articles web page.
Source: www.ezinearticles.com
