In a competitive real estate market such as ours, it is essential that prospective home buyers like you have any and every competitive advantage available to them. Home sellers in Jacksonville, FL, will likely have several attractive offers coming from home buyers who are interested in their property. When all of the factors that most home sellers consider are equal among the prospective home buyers, it is up to you to make sure that the home seller chooses your offer over the others. Having a mortgage pre-approval makes all the difference!
At Your Home Sold Guaranteed Realty - Phil Aitken Home Team in Jacksonville, FL, our real estate agents are here to help you get the competitive edge you need with mortgage pre-approval. Read on to find out more about what mortgage pre-approval is and why it can be the reason that a home seller decides to accept your offer rather than another equally attractive offer.
Why Is Mortgage Pre-Approval Important for Homebuyers in Jacksonville, Florida?
To begin, let us define what exactly mortgage pre-approval is. When you are going to enter the real estate market to find a new home for yourself and your family, it is important to start in a strong position. One of the easiest ways to gain this strength is to get pre-approved for a mortgage.
Basically, mortgage pre-approval means that you have been certified by a financial institution for a specific amount of money for your home loan. You will receive a Certificate of Financing Approval that you can show to the home seller and use during negotiations.
This mortgage pre-approval is as good as gold when it comes to the home buying process. If there are other homebuyers with similar qualifications and attractive offers competing against you, the pre-approval may be the tipping point for home sellers in your favor.
Benefits of Mortgage Pre-Approval for Jacksonville Home Buyers Like You
Consider this scenario: you are totally in love with a particular house for sale in Jacksonville, but there are several other people who are also enamored with the home. Everyone is able to visualize themselves and their families in the house, and each prospective home buyer has made a very attractive offer to the home seller. How will you differentiate yourself from the other home buyers?
When all other factors are equal between potential home buyers, the home seller needs to be able to make a decision concerning whose offer they will accept. That decision-making factor could be mortgage pre-approval. While other home buyers are still in the Conditional on Financing stage, a homebuyer who already has a Certificate of Financing Approval in hand will make the closing process quicker and easier for all parties involved. More than likely, the home seller will choose someone with mortgage pre-approval over the others.
Find Out How Mortgage Pre-approval Can Get You Great Rates and Low Closing Costs
There is another great reason why getting mortgage pre-approval before you even start your new home search in Jacksonville, FL, will be a great advantage to you, personally. When you start your financing process early, you will be able to get a solid idea of the interest rate you will be working with (which contributes to your overall monthly mortgage payment) as well as an estimation of points and closing costs involved in your major investment. This will make the process less stressful and less intimidating, especially if you are fairly new to the real estate market.
Additionally, getting your financing in order early will eliminate any time constraints or issues related to the financing going through when you actually find a new home for sale that you want to purchase. Other home buyers may have limited time to get the sale done and closing completed, and this may not be attractive to the home seller. Having mortgage pre-approval prevents these time issues and could stop you from overpaying due to time constraints.
Get the Pre-Approval You Need Now!
If you are at the beginning stages of the home buying process and are interested in getting the mortgage pre-approval underway, our real estate agents at Your Home Sold Guaranteed Realty - Phil Aitken Home Team want to help. Simply fill out the form below. Our system will forward the requested information to a certified mortgage professional who can then help you find the right mortgage rate and lowest closing costs available.