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Five reasons why you should get preapproved with Nutter

Whether you’re a first-time homebuyer or an experienced home buyer, in today’s competitive real estate market it pays to be prepared. The most important first step in the home buying process is to get preapproved by your lender. Here are five reasons why:

1. Many realtors will insist that you get preapproved

In this fast-paced market, if you’re competing against multiple buyers then you’re going to need a preapproval letter. Sellers will want to know if they accept your offer that your financing will go through. Without a preapproval letter, your offer will likely get pushed to the bottom of the pile. Don’t be fooled by other lenders who offer to “prequalify” you in minutes without having an underwriter review your information. Learn more about Preapprovals vs Prequalifications.

2. You’ll find out how much house you can afford

Not only will going through the preapproval process enable you to learn what sales price you can afford, you’ll also learn how much your down payment will be and how much cash you’ll need at closing.

3. Allows you to correct any mistakes on your credit report ahead of time

Credit report errors are more common than you think. Studies show that anywhere from 10% to 30% of credit reports contain a material error. Reviewing your credit report ahead of time allows you to fix any errors on your credit report much easier, before you’re stuck facing a closing deadline that could cost you thousands of dollars. So it pays to be smart.

4. Getting preapproved is free and easy

All you have to do is provide your lender with some basic financial and employment information. The preapproval process usually takes less than 24 hours and most lenders will do it for free. Make sure you get preapproved by a lender who will have their underwriter review your paperwork, like Nutter Home Loans. Learn more about the importance of working with a mortgage lender who services their own loans.

5. Shop with the confidence of a cash buyer

With a preapproval letter, you’ll have the ability and peace of mind to compete with any other preapproved buyer, including cash buyers. You’ll be able to make an offer at a moment’s notice, knowing full well that if your offer gets accepted your mortgage financing is in order. You’ll be able to eliminate a lot of the stress and focus on the rewards of buying your new dream home.

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