Monday, April 17, 2023

Why Should You Get Pre-Approved for a Lexington MA Mortgage?

Buying a home in Lexington MA can be an exciting yet overwhelming experience— especially if you're entering the real estate market for the first time. Among others, you will find that one of the most important steps in the home buying process is securing a mortgage pre-approval.

A mortgage pre-approval is a document that confirms a lender’s willingness to provide a loan to a borrower, subject to certain conditions. In short, it confirms to the seller (and the bank) your ability to pay for the home you're interested in buying.

Below are four reasons why Lexington MA homebuyers should secure a mortgage pre-approval in 2023:

Know your budget
A mortgage pre-approval will give you a clear idea of how much money you can borrow from a lender. This will help you determine your budget and search for MA homes that are within your price range. Knowing your budget will also help you avoid wasting time looking at homes you cannot afford.

Negotiating power
A mortgage pre-approval can give you negotiating power when making an offer on a home. Sellers often prefer to work with buyers who have been pre-approved for a mortgage, as it gives them confidence that the deal will go through.

Streamline the process
Once you have been pre-approved, you will have the required paperwork and financial information ready to go. This can help speed up the closing process and reduce the likelihood of any last-minute surprises.

Identify any issues
The mortgage pre-approval process involves a thorough review of your financial situation, including your credit history and income. This can help identify any potential issues that may need to be addressed before you can secure a mortgage.

A mortgage pre-approval is an essential step for Lexington MA buyers. If you’re planning to purchase a home, seeking a mortgage pre-approval should be at the top of your to-do list— next to giving me a call! I'd love to be your guide to the market this year!

Theresa D'Antuono

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