It’s no secret: It’s a seller’s market here in the DFW area. As fast as a For Sale sign is hammered into the front yard, even before in many cases, multiple offers are hitting inboxes – triggering coldblooded bidding wars between homebuyers-to-be. The frenzy is made even worse with existing inventory shortages.
What does this mean for potential homebuyers in the Greater Dallas Metro area? You might be able to save your place at the head of the bidding line by getting prequalified AND preapproved for a mortgage.
Getting prequalified for a mortgage is only the beginning. It’s a simple process that just takes a few days for a lender to look at your overall financial picture like debt, income and assets. It doesn’t involve your credit reports. The prequalification process is just a peek at your situation to give the lender an idea of how much loan you are likely to qualify for.
The pre-approval process is much more involved and will require a credit and financial background check, work history, and a mortgage loan application. The pre-approval process is an opportunity to identify obstacles to homeownership that might prevent you from buying a house. If there are issues, the lender can help you put together a plan to fix issues, like improving your credit scores. If you are pre-approved, the lender has determined your ability to pay for the home loan and the maximum amount you can borrow.
Getting pre-approved could help you win the bidding war for the house of your dreams over a buyer who hasn’t been prequalified or pre-approved.
Contact Us to Get Pre Approved
Contact the Decker Group today to start the pre-approval process by calling 972-591-3097.
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