Pre-Approval: The Best Way to be a Competitive Buyer
Posted by Angela Silvi on
In one of the most competitive real estate markets in recent history with the inventory at an all-time low, it's crucial as a buyer to be as competitive as you possibly can from the outset. The most surefire way to increase your chances of success? Get pre-approved for a home loan. Mortgage preapproval means a lender has reviewed your finances, determined how much you're qualified to borrow, and conditionally committed to actually granting you a mortgage - and here's why it's so important.
First, pre-approval is the only true way to know your price range. If you are looking at houses outside of this range, you will lose out to bidders who can afford a higher offer.
Next, with extremely limited housing inventory, buyer competition is at a…
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