{"id":7557,"date":"2022-01-24T06:00:43","date_gmt":"2022-01-24T11:00:43","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7557"},"modified":"2022-01-24T06:00:43","modified_gmt":"2022-01-24T11:00:43","slug":"why-pre-approval-is-key-for-homebuyers-in-2022","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=7557","title":{"rendered":"Why Pre-Approval Is Key for Homebuyers in 2022"},"content":{"rendered":"
\n

\"Why<\/p>\n

You may have heard that it\u2019s important to get\u00a0pre-approved<\/a>\u00a0for a mortgage at the beginning of the\u00a0homebuying\u00a0process<\/a>, but what does that really mean, and why is it so important? Especially in today\u2019s\u00a0market, with rising home prices<\/a> and high buyer competition<\/a>, it\u2019s crucial to have a pre-approval letter prior to making an offer. Here\u2019s why.<\/span><\/p>\n

Being intentional and competitive are musts when buying a home this year. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you\u2019re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.<\/p>\n

With limited housing inventory, there are many more buyers active in the market than there are sellers, and that\u2019s creating some serious competition. According to the\u00a0National Association of Realtors<\/em>\u00a0(NAR), homes today are receiving an average of\u00a03.8 offers<\/a>\u00a0for sellers to consider. As a result, bidding wars are still common. Pre-approval gives you an advantage<\/a> if you get into a multiple-offer scenario, and these days, it\u2019s likely you will. When a seller knows you\u2019re qualified to buy the home, you\u2019re in a better position to potentially win the bidding war.<\/p>\n

Freddie Mac<\/em>\u00a0explains<\/a>:<\/p>\n

\n

\u201cBy having\u00a0a\u00a0<\/em>pre-approval letter<\/em><\/a> from your lender, you\u2019re telling the seller that you\u2019re a serious buyer, and you\u2019ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don\u2019t already have one.\u201d
\n<\/em><\/p>\n<\/blockquote>\n

Every step you can take to gain an advantage as a buyer is crucial when today\u2019s market is constantly\u00a0changing<\/a>. Interest rates are rising, prices are going up, and lending institutions are regularly updating their standards. You\u2019re going to need guidance to navigate these waters, so it\u2019s important to have a team of professionals such as a loan officer and a trusted real estate advisor making sure you take the right steps and can show your qualifications as a buyer when you find a home to purchase.<\/p>\n

Bottom Line<\/strong><\/h3>\n

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"WhyYou may have heard that it\u2019s important to get\u00a0pre-approved\u00a0for a mortgage at the beginning of the\u00a0homebuying\u00a0process, but what does that really mean, and why is it so important? Especially in today\u2019s\u00a0market, with rising home prices and high buyer competition, it\u2019s crucial to have a pre-approval letter prior to making an offer. Here\u2019s why. Being intentional [\u2026]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,88,84,89],"tags":[],"class_list":["post-7557","post","type-post","status-publish","format-standard","hentry","category-blog","category-first-time-home-buyers","category-for-buyers","category-move-up-buyers"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7557"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/7557\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}