timers or not, like to just get through it as quickly and painlessly as possible. Sometimes, they do very little research and grab the first offer given, regardless of the rate or considering what else might be out there. But this approach can often be harmful and costly in the long run. The reality is many buyers fail to understand the important of shopping for a loan, finding a loan, and finding a good loan. When this happens, the new homeowner might have a great home, but a bad mortgage deal. You definitely want to avoid this happening to you. WHY GET PRE-APPROVED What’s the big deal about getting pre-approved for a mortgage in the first place? What’s wrong with going through the home- search and home-buying process first, and then getting the loan later?There is plenty wrong with waiting until the end for loan approval, and plenty of advantages in getting pre-approved for a mortgage first, before you get too far into the home-search and home-buying process. In fact, one of the most common mistakes made by buyers, especially if they’re first-timers, is not getting pre-approved for a home loan, as we discussed in Chapter 6. For example, many sellers and listing agents won’t want to work with you or even consider your offer if they find out you don’t have mortgage loan pre-approval and you’re promising that you can pay a certain amount when you can’t prove you can keep that promise. You will most certainly lose out on getting that home you had in mind. As I wrote in Chapter 6, “Your own assumption about what you can afford — both the down payment and the monthly mortgage payments, among other costs — can contrast significantly with what the bank is willing to lend you.”
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