WHY YOU NEED TO GET PRE-APPROVED
I can’t stress enough how vital it is for you to get pre-approved for financing (if you need it) as you move toward your retirement and future, and this starts with doing your investigating and research for the best home loan rate out there for you. Not getting pre-approved for a mortgage is a common mistake made by buyers of all types, including longtime homeowners in the process of downsizing. Don’t forget, it might be decades since you last needed to purchase a home, and the home-buying process is an altogether different landscape from what it was back then. One reason to get pre-approved is that most sellers and listing agents will not want to work with you if they discover you don’t have pre-approval for a loan. And then — poof! — your new dream home for living out your retirement is gone. Another reason to get loan pre-approval is that it gives you the upper hand in multiple-offer situations, as pre-approval is part of presenting a strong offer on the home you wish to purchase, and could set you apart from competing buyers. As a refresher on how to get pre-approved for a home loan or mortgage, refer to Step #2 (Get Pre-Approved for a Loan) in Chapter 17. In the end, remember to get official pre-approval for a home loan before searching for homes, visiting them, and placing offers. If you don’t, you’ll honestly just end up wasting everybody’s time. Having a buyer’s agent working with you will certainly help.
SHOPPING FOR A LOAN
There’s plenty of competition out there — banks, mortgage brokers, and other mortgage lenders — vying for home buyers’
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