Why Getting Pre-Approved for a Mortgage Matters

Published on 5/11/2021
If you’re considering making a move this summer and buying a home in Virginia, you might also want to consider getting pre-approved for a mortgage. Here are a couple reasons why. 

1. Sets the budget

You know exactly how much of a loan you’re approved for and this will help you budget. You’ll know while scrolling online which homes are obvious “no’s” and which might actually be doable. This will help you be more confident going into the home buying process as you won’t be guessing if you can afford a property or not.  

2. Makes you more appealing

Having the pre-approval letter in hand will also make you more appealing to sellers. To them, this means you have your ducks in a row, you at least have started the mortgage process, and you are serious and committed to buying a home. This will definitely give you an edge if you get in a bidding war or if you decide to put down an offer.

3. Gives you confidence

Getting pre-approved will also mean you can have more confidence that you’ll get a great loan. While pre-approval isn’t a mortgage or guarantee at all, it will help you feel more secure. You’ll be able to obtain the loan you need easily and know that major factors such as your income, debt, assets, credit and employment history have already checked out.

If you’re considering buying soon, go ahead and get your pre-approval letter in hand! And let us Cheriton Mini Storage know if you need storage throughout or after the moving process.