Washington Mortgage News

Written By: Darcy Miranda 2/2/2023.

Getting pre-approved is the truly the first REAL step toward becoming a homeowner. Pre-approvals are a very good indicator of your buying power and may help you secure a loan with an interest rate lower than other buyers. People often feel a wide range of emotions when they receive their pre-approval letter. It is a huge boost to one's self esteem and can provide a feeling of achievement and growth. That pre-approval letter shows that all your dedication has been worth it and is indeed paying off. Typically, it takes many years for people to increase their credit score and amass the necessary funds for purchasing a home. An indescribable feeling of accomplishment washes over you when it finally sets in that all the hard work you put in has paid off and your goal is now a reality. 

The feeling of anticipation and excitement starts to build as you gain clarity on how much home you can actually afford. Pre-approval for a mortgage means that you have met the necessary criteria to be eligible for a loan. After reviewing your credit score, income, debt levels and other important information, the lender can give a pre-approval decision. This makes it easier to make an offer on a home or negotiate better terms with lenders. It gives you an idea of what size loan you can afford and what your monthly payments might look like. Pre-approval also gives sellers confidence that you’re a serious buyer, which can help you stand out in competitive markets.

The feeling of being pre-approved for a mortgage loan is one of confidence and joy. Pre-approval provides a sense of security that allows you to relax and focus on finding the perfect property, knowing that your financing options have already been approved. Pre-approval gives you the freedom to shop and compare home prices without worrying about your credit score or waiting an extended period of time for a response. It's the perfect way to save money and find the best deal quickly. 

Pre-approval for a mortgage loan can completely change your home-shopping experience. It can open you up to possibilities that you may not have otherwise considered when it comes to choosing a style of home. With your pre-approval in hand, you can accurately assess the homes that are the best fit for you and your lifestyle needs. You may decide that a fixer upper is now the best option, instead of that newly built unit. Your pre-approval will help you determine what neighborhoods you can be comfortable to shop in and what style and size home is available within your loan limits. Instead of just dreaming about potential opportunities, you can now focus on the realities that exist. Your brain is able to make the shift from abstract hoping to tangible and achievable possibilities.