Mortgage Pre-Approval will be Important to Homebuyers in Metro Detroit:
With a home inventory shortage in Metro Detroit, Mortgage Pre-Approval from the right lender will be key for homebuyers success in 2022. ~
You may have heard that it’s crucial to get pre-approved for a mortgage at the beginning of the homebuying process. Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a pre-approval letter before making an offer. So what does that mean, and why is it so important? Here’s why.
You Need a Strong Mortgage Pre-Approval Letter from a Strong Lender
Being intentional and competitive are musts when buying a home this year. Not all lenders are equal, so have a conversation with your agent regarding what lenders have the best reputation. Who your lender is could make or break your offer getting accepted. 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, presenting a pre-approval letter shows sellers you’re a qualified buyer. Your pre-approval letter can help you land your ideal home in an ultra-competitive market.
Supply and Demand Problems
With limited housing inventory, many more buyers are active in the market than sellers. The shortage of homes for sale is creating some serious competition. According to the National Association of Realtors (NAR), homes today are receiving an average of 3.8 offers for sellers to consider. As a result, bidding wars are still common. Pre-approval gives you an advantage if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to win the bidding war potentially.
Freddie Mac explains:
“By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, and you’ve 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’t already have one.”
Interest Rates Are Rising – in 30 days, we jumped up to Q4 Projections
The bad news is interest rates shot up faster than the experts predicted. We are now Q4 rates, and you have inflation to thank. How high will they go? It will depend on the Fed’s and the inflation rate. Every step you can take to gain an advantage as a buyer is crucial when constantly changing today’s market. Interest rates are rising, prices are increasing, and lending institutions regularly update their standards. You’re going to need guidance to navigate these waters, so it’s essential to have a team of professionals such as a loan officer and a trusted real estate advisor making sure you take the proper steps.
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Bottom Line for Mortgage Pre-Approval for Homebuyers
A pre-approval letter is a game-changing piece of the home buying process in a competitive market with low inventory. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home. Ensure you have your Home Buying Negotiation Plan worked out before you start touring homes. Let’s connect to discuss options.
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As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
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