I realize that by now, everyone looking to purchase a home is aware of the fact that a pre-approval letter is a must-have. But some of you may not understand exactly why you have to have one, and why it should be from a local lender. Here are some reasons:
1. You should only look at homes you can afford and are comfortable making the payments on. Why in the world would you want to torture yourself looking at homes that you cannot afford or frustrate yourself looking at homes that are well below your price point and don't meet your expectations?
2. Realtors® are self-employed and only get paid when the transaction closes which is sometimes 6-8 weeks after a contract is accepted. Many hours and money goes into helping you find your dream home. We have chosen this career because we like helping people make their dreams come true, not because we like to drive around all day looking at houses that are out of your price point or don't meet your needs. It's simply a waste of every one's time and money.
3. When you do find your dream home, your Realtor® will need to present the pre-approval letter with the offer. In this quick paced, sometimes multiple offer day and time, sellers will only look at offers that include a pre-approval letter. It would be a shame to fall in love with a home only lose out on it because you didn't do your due diligence and get the pre-approval letter ahead of time.
4. Choose a local lender because they are familiar with the state requirements as well as local and state property taxes that will affect the amount of home you can afford. I was working with a couple that had a pre-approval letter from a lender in another state. That lender pre-qualified them for a home that was twice what they could actually afford simply because the lender didn't know or understand Texas property taxes.
So that we can more effectively assist you in your home search, please take just a few minutes to talk with a lender and fill out their pre-approval questionnaire. It will save you numerous hours and tons frustration in the long run. If you would like a list of lenders The Property Source has working relationships with, please feel free to contact me at: janetsoldit@gmail.com, or call 281.844.6584.
