Thursday, April 6, 2023

Reasons a Pre-Approval Should Be Your First Step In Buying a Home

Buying a home is an exciting but complex process, and for most people, it's the biggest purchase they will ever make. As a result, it's crucial to approach the process with a clear understanding of your financial capabilities. That's why our experienced mortgage lender in Lake Ozark, MO encourages you to secure a pre-approval as the first step you take when buying a home.

A mortgage pre-approval indicates the amount of money you can borrow based on your credit score, income, debt-to-income ratio, and other factors. Here are some reasons why getting a pre-approval should be your first step in buying a home:


Know Your Budget

A pre-approval will give you an accurate idea of how much house you can afford. This can help you narrow down your home search to properties that are within your budget, saving you time and effort. It's essential to set realistic expectations for your home search, and a pre-approval can help you do that.


Be Taken Seriously by Sellers

When you make an offer on a home, sellers want to know that you can secure the financing needed to close the deal. Having a pre-approval letter in hand shows that you're a serious buyer and can help you stand out in a competitive market.


Move Quickly When You Find the Right Home

In a competitive housing market, homes can go quickly. Having a pre-approval in hand can help you when you find the right home. You'll be able to make an offer right away and potentially close the deal faster, giving you an advantage over other buyers who haven't yet secured financing.


Identify Potential Issues Early

Obtaining a pre-approval can also help you identify any potential issues with your credit or finances that may affect your ability to secure a loan. If there are any issues, you'll have time to address them before you start house hunting.

Getting a mortgage pre-approval at Lake of the Ozarks should be the first step you take when buying a home. It gives you an accurate idea of your purchasing power, helps you stand out as a serious buyer, and allows you to move quickly when you find the right home. It also helps you identify potential issues early. Before you start your home search, make sure you have a pre-approval in hand. If you’re ready to get your mortgage pre-approval, give us a call at (573) 746-7211 or visit our website at!

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

First State Bank Mortgage – Michael Lasson 
2751 Bagnell Dam Blvd Suite B 
Lake Ozark, MO 65049

**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.