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In this day and age of changing interest rates and uncertain futures, you'll need to leverage all the power your money can buy. Preapproval puts a commitment behind your home-shopping interest. That's why you should get preapproved before you even visit your first house. Why? Because in most cases you won't be able to put in a serious bid without it. Sellers will frequently choose a preapproved buyer's bid over a buyer who is not preapproved. Real estate agents favor clients who demonstrate they are serious. Money talks, so get preapproved!
- Find a bank or a mortgage broker who will preapprove you at no cost - don't pay an application fee.
- If you don't have a local bank, use the Internet--sites like GetSmart and LendingTree will help you get four loan offers at no cost to you.
- Get a copy of your preapproval letter. (Or print out your Internet confirmation).
- Take your preapproval letter when you go house hunting.
- You can consider prequalification (no documents required), but this carries less weight when negotiating.
- Getting preapproval from one lender or bank doesn't mean you have to close the loan with that lender or bank.
- Most mortgage brokers will come to your office or home to review the necessary documents for preapproval.
It's not always good to get preapproved for the "maximum amount". A seller will see this amount, and if it far exceeds the purchase price, they may be less likely to negotiate a price consideration. Get preapproved for the amount you want to spend.
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