Home Buyers Guide > Pre-Approved Mortgage Loan, A Necessity

Pre-Approved Mortgage Loan, A Necessity

Movies in New York City will increase to $11.75 and $ 12.00 a ticket. When you purchase your second home in Rhinebeck NY you can go to the movies for half the price and do not need to wait on line, an added bonus to the coming to lovely area. If you are considering a home in Rhinebeck, Red Hook, Millbrook NY communities before the NYC movie prices go up again, treat yourself to a pre-approved mortgage application and lock in the rate. This will work in your favor as a home buyer in many ways. It does require a little time but it usually does not cost you money. More importantly it saves you money. A pre-approved mortgage is not the same as a pre-qualified or pre-approved letter. The differences can affect your home buying transaction. . While it's helpful to be pre-qualified or pre-approved for a home loan, it doesn't always guarantee you'll be approved for a loan.

A pre-approved mortgage ensures your financial information has been verified, and really puts real estate agents and home sellers at ease. At the same time, you're in control when making an offer to a seller. They'll know you're a serious buyer who's ready and able to make a deal.

Most of the first time home buyers want to look at homes with charm and they often shop for a mortgage only after they find that dream house. Unfortunately that home which they fell in love with gets sold to another buyer while they wait for mortgage approval. In the competitive real estate market we are experiencing, where multiple offers on a single property are commonplace, pre-approval has become mandatory for serious consideration of a potential buyer's offer.

In the house-buying process, the benefit of being pre- approved for a mortgage is twofold. Not only do you have the added comfort of knowing what you can afford, the seller may also accept your offer over another if you are pre-approved and the other party is not.

The logic here is that a pre-approved offer is more likely to result in a completed sale, while an offer by a buyer that has not been pre-approved is not such a sure thing. The seller often doesn't want to take the chance of losing the sale -- even if pre-approved offer is slightly lower. In addition, if you take the time to shop for a mortgage loan you may not only save dollars, but the bank might lock in the rate for a period of time. This is unlike your inability in NYC to lock in the place on line or the price of your movie tickets.

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