Why You Must Get Pre-Approved Before You Start Your Knoxville Home Search
Getting pre-approved is the first step in starting your Knoxville home search. It’s also one of the most important steps.
Unfortunately, many first time buyers will skip this step and jump right into their home search, which is a critical mistake.
Here is why you absolutely must get pre-approved before you start your Knoxville home search.
You Find Out If You Can Buy
The first and most important reason that you get pre-approved first is to find out if you can buy at all. Unfortunately, there are many times where first time buyers want to buy only to find out later that they are unable to.
When you get pre-approved first, you find out if you’re able to buy a home. A loan officer will look at your credit, income, and debts to determine whether or not you are able to buy a home.
There are certain times where buyers have had credit issues or have too much debt, which prevents them from buying a home right away. If you do find out that you’re unable to buy a home right away, a loan officer can help advise you on what needs to be done in order for you to buy a home.
You Know What You Can Afford
A pre-approval is also important because it lets you know what you may afford. This allows you to start your home search off with an accurate picture of what can afford.
There are many times where buyers aren’t sure exactly what they can afford. Sometimes you can afford more than you would expect and sometimes you can’t afford what you would expect. It’s best to have this information before you start your home search.
After all, you don’t want to start looking at homes without all the information. If you start off knowing what you can afford, you’ll make the process much easier for yourself.
Sellers See That You’ve Done Your Homework
A pre-approval before you start your home search will also show a seller that you’ve done your homework. This is particularly true when you’re in a competitive real estate market.
Having a pre-approval will also make you a stronger candidate when you make an offer. This is why it’s important to get pre-approved before you start your home search. You’ll already be armed with a pre-approval when it comes time to make an offer.
This can set you apart from other buyers if you get into a multiple offer situation. A seller can see that you’ve already done the hard work to get pre-approved.
You Understand The Costs
Finally, getting pre-approved before you start your home search will also allow you to understand the costs of buying a home. This is very important when you’re buying your first home. Many buyers get caught off guard by some of the costs of buying a home.
You may be approved for a certain amount. But, you may not want to spend that full amount. When you get pre-approved first, you have a full understanding of the numbers. A loan officer can walk you through the costs of buying a home.
It’s important to understand the costs of buying a home before you start the process. It can help you have a clear picture of what you’re doing before you start your home search.
Buying your first Knoxville home is an exciting and overwhelming experience. If you’re like most first time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.