Before you make an offer on a home…

Before you begin shopping for a home…

Before you even think about making a list of homes you like…
It’s important to get pre-approved for a home loan.
The real estate market moves quickly these days, and the inventory of Charleston homes for sale is low. The rule of supply and demand is very much applicable in the real estate industry, so sellers have the upper hand right now. This means that when you find a home you love, you need to make an offer ASAP. Because inventory is low, it’s entirely possible that you might end up in a multiple-offer situation. If you want to show the seller how serious you are about buying their home, you must include a pre-approval letter with your offer. Most sellers won’t even consider your proposal until they see proof that you are financially able to buy their home. They don’t want to waste their time, and a pre-approval letter will put their minds at ease and show them that there is a much smaller chance of the deal falling through due to your inability to obtain financing.
Getting pre-approved is beneficial for you as the buyer, too. Meeting with a loan officer opens up more options. You might think you know your top purchase price, but you could be surprised. In most cases, you won’t own the home for the full 30 years of the loan, so instead of looking at the "sticker price," consider what you can afford to pay each month for your home. A loan officer can tell you what type of loan you qualify for and what percentage rate you can expect. When you look at what you can afford to pay per month instead of fixating on total purchase price, you may find that you can afford more house than you originally thought.
Basically, getting pre-approved isn’t an option anymore. It's a must. As long as all your ducks are in a row, pre-approval should be easily obtained and is an extremely useful tool that can make the home buying process smoother for both parties. 


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