The Kansas City real estate market remains strong and many qualified buyers are looking for new homes to purchase. If you are in the market for a Kansas City Area home, getting pre-approved will help you in a variety of ways.
1. The seller takes you much more seriously. Many sellers have been burned by people making an offer on the home and then not being able to get the financing, especially with today's mortgage crunch. Getting pre-approved tells the seller that you are good to go and are ready to purchase.
2. You know how much house you can afford. Being pre-approved, unlike being pre-qualified, means you know how much your payments will be and how much house you can afford. Don't get caught in the emotional trap of buying a Kansas City home that is more than you can afford. Know your limits and stick within them by being pre-approved.
3. You can shop for a loan with less pressure. Once you've decided on a home, time seems to speed up dramatically. The loan process can take up to four weeks to complete. By working now to get pre-approved before you've even selected a new Kansas City Area home, you have more time to be selective with your mortgage. Also, issues can arise once you start the loan process. By working well ahead of time, you are able to deal with these issues without the added stress of packing.
4. You are favored by sellers if you get in a competitive bidding situation. If you happen to find a home that someone else is also bidding on, being pre-approved sets you above your competition. The seller has more confidence in your bid. If the seller must choose between competing offers, yours will be chosen more often than your competition.
5. You don't have to worry about getting that loan. This peace of mind in an already very stressful process is priceless!
Good luck. Make sure you are working with a qualified Kansas City real estate agent during this process. Having this added professional on your side helps streamline the entire process.
Thank you for visiting today! If you are ready to make a move, please fill out the contact request form and your information will immediately be routed to the Realtor on call.