Many experts advise prospective home buyers to get preapproved for mortgage. Why is this so? What exactly are the advantages of being preapproved?
Know Exactly What You Can Afford
To prepare a preapproval statement, a mortgage lender will review your financial situation and credit report. Based on this, the lender determines how much he can lend you. With this, you can determine exactly how much you can afford, thereby streamlining your search. You don’t have to waste time checking homes that are too low or too high for your purchasing ability. Continue reading