{"id":3397,"date":"2022-10-24T10:00:29","date_gmt":"2022-10-24T10:00:29","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/10\/pre-approval-is-a-critical-first-step-on-your-homebuying-journey\/"},"modified":"2022-10-24T10:00:29","modified_gmt":"2022-10-24T10:00:29","slug":"pre-approval-is-a-critical-first-step-on-your-homebuying-journey","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/10\/24\/pre-approval-is-a-critical-first-step-on-your-homebuying-journey\/","title":{"rendered":"Pre-Approval Is a Critical First Step on Your Homebuying Journey"},"content":{"rendered":"

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$\"Pre-Approval$ <\/p>\n

If you\u2019re planning to buy a home<\/a> this year, one of the first steps on your journey<\/a> is getting pre-approved. Especially in today\u2019s market when mortgage rates<\/a> are higher than they were just a few months ago, getting a mortgage pre-approval<\/a> can be a game changer. Here\u2019s why.<\/span><\/p>\n

What Is Pre-Approval?<\/strong><\/h4>\nTo better understand why pre-approval is key, it\u2019s important to know what pre-approval is. The Mortgage Reports <\/em>explains<\/a> it like this:<\/p>\n
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\u201cWhen you\u2019re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you\u2019re qualified for a home loan. Your preapproval letter shows the maximum loan amount you\u2019re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.<\/strong>\u201d<\/em><\/p>\n<\/blockquote>\n
As part of the pre-approval process, a lender will look at your finances to determine what they\u2019d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for homes because you\u2019ll know your overall numbers. And with mortgage rates<\/a> rising and impacting affordability, a solid understanding of your numbers is even more important.<\/p>\n
Pre-Approval Can Signal You\u2019re a Serious Buyer<\/strong><\/h4>\nAnother added benefit is that pre-approval lets the seller know you\u2019re qualified to buy their house. A recent article from realtor.com<\/em> notes<\/a>:<\/p>\n
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\u201c. . . getting pre-approved can actually improve your chances of falling into the sellers\u2019 good graces, <\/strong>and you\u2019ll want to get it done as early as you possibly can in the home-buying process.\u201d<\/em><\/p>\n<\/blockquote>\n
Even though bidding wars<\/a> are easing this year as the market shifts, preapproval is still an important part of making a strong offer. It can help a seller feel more confident because it shows you\u2019re serious about their home and that you\u2019re a qualified buyer.<\/p>\n
Bottom Line<\/strong><\/h3>\n
Getting pre-approved for a mortgage is critical. It helps you better understand what you can borrow and shows sellers you\u2019re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to succeed as a homebuyer in today\u2019s market.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
If you\u2019re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today\u2019s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here\u2019s why. What Is Pre-Approval? To better understand why […]<\/p>\n","protected":false},"author":1,"featured_media":3398,"comment_status":"registered_only","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t