Pre-Approval Opens Doors When Moving To Richmond Virginia
Why Do I Need To Get Pre-Approved When Buying A Home In Richmond Virginia?
Admit it… You’ve got the itch to buy a Richmond Virginia home. You have searched online. Saved your top 3. One of these might well be the one for you. What’s next?
You schedule a showing? Not yet!! While that perfect home that you have seen online might be luring you to take a look, there is one important piece of paper you need before walking through the door - a pre-approval letter.
Buying a home can be an amazing experience. It can also seem a bit overwhelming and confusing, especially if you are a first-time buyer. The key to making it simple is connecting with a local Richmond Virginia realtor who specializes in relocation and who can help you obtain that pre-approval letter that you will need.
The home-buying process can be simplified if we take it one step at a time. And, the first step I can help you with is getting pre-approved with your local mortgage lender of choice. Don’t know a lender? Well, no worries! I can provide you with an introduction to fantastic local lenders who regularly work with my relocation clients and with whom they have been very pleased.
Getting Pre-approved Is The Golden Ticket For Buyers In The Richmond Virginia Housing Market
COVID & Richmond Virginia Househunting: Since COVID, a number of sellers are requiring that buyer’s agents have in hand a pre-approval letter for their clients prior to showing the property. They are trying to limit the number of people who are entering their home.
They Are Gone In The Blink Of An Eye: Neither do you want to look at a house, fall in love, and by the time you get your pre-approval letter, the homeowners have already accepted an offer from a buyer with a pre-approval letter in hand.
Not All Loans Are Created Equal: Some homes and buyers are only eligible for certain types of financing. The pre-approval letter will specify your eligibility for various types of loans. During this process, you may also learn that you qualify for a buyer assistance program, a zero down payment option, or other down payment percentages.
Budget What’s In Your Piggy Bank: When you establish a relationship with a mortgage lender, you will share your financial information so that they can assess your credit, debt, income, other assets, and liabilities. Based on this information, they will prepare an estimated budget projection and an associated housing price point for which you qualify. There is nothing more disappointing than finding what you think may be your forever home, but realizing too late that it is stretching your piggy bank too thin. It’s also great to get the good news that you can afford a larger home than you anticipated.
Reassurance For The Seller: This is where the pre-approval letter really comes in handy… It says that this individual is in a financial situation to be able to purchase this or another Richmond Virginia home in the same price point. The seller is going to select the buyer with not only the best terms (sales price, contingencies, concessions), but one who has the factual evidence of a strong financial position. A pre-approval letter conveys that message.
Be the first: In many neighborhoods and price points, homes are being scooped up in a matter or hours or days. A pre-approval letter will allow you to be ready to spring into action with a strong offer and effectively compete with other buyers to get the house of your dreams
Wanting to purchase a home and having the ability to finance one are two entirely different things. Having a pre-approval letter in hand will impact how you shop for your home. As the old saying goes, “A goal without a plan is just a wish” (Antoine de Saint-Exupery). As your Richmond Virginia real estate agent, I’ll help you reach your home-buying goals with a plan so that all your forever-home wishes come true.