1. Knowing where you stand and what you can afford can save you time and frustration by eliminating viewing of the properties that are clearly out of reach.
2. Getting pre-approved and obtaining a commitment letter from the lender gives you leverage in negotiations by making you a more attractive and serious buyer. In case there are multiple offers on the property that you are bidding on, you have an advantage over the buyers that have not been approved yet. Having obtained a commitment letter also allows you to have a quicker closing, which sometimes a is big consideration whenever the seller decides which offer to accept.
3. Having been pre-approved and supplying your credit documents early can spare you from unforeseen surprises later in the process.
4. Learning about financing options can be useful in order to maximize your long and short term financial objectives. For example, the 30 year fixed loan is not necessarily the best option for everybody. We work with you to provide you with all the information needed to make the best decision.
5. The last, but not least advantage of starting the process early is creating the relationship with the loan officer that you are going to deal with for the next 30 to 90 days, and for your futur financing needs.
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