Exclusive Buyer

Getting pre-approved for a loan is also a fantastic method for gaining the upper hand in multiple-offer situations. A big part of presenting a strong offer is being pre-approved for a loan beforehand. If you and your agent come to the negotiating table confident, presenting a strong offer with a mortgage pre-approval letter in hand, you’ll already stand out from the other buyers interested in the same home. What can you do to ensure loan pre-approval? Go back and read Chapter 1, with a focus on the steps you need to take to make sure you’re actually ready to buy a home and start shopping for a home loan. To refresh your memory, the steps are: + + Improve your credit score. + + Save for a down payment. + + Build up your savings account. + + Research recent home sales in your area to see what’s affordable. Again, make sure you have official pre-approval for a home loan before searching for homes, visiting properties, and placing any offer. Your buyer’s agent can help you make sure everything is in order. Otherwise, you’ll end up wasting everybody’s time, including your own, if you make an offer, enter into a contract, and only then learn that the bank won’t lend you what you need. SHOPPING FOR A LOAN For the majority of buyers, getting a mortgage is part and parcel of purchasing a home, simply because not very many people actually have the ability to pay for a house upfront, in full. Because lenders know this basic fact, there is a lot of competition out there — banks, mortgage brokers, and other