Why You Should Get Pre Approved BEFORE Home Shopping In Atlanta

get pre approved in Atlanta we buy houses atlanta sell my house fast atlanta we buy ugly houses atlanta suwanee lawrenceville marietta duluth norcross gaIf you want to buy a house in Atlanta it is imperative that you get pre-approved BEFORE you start home shopping. In our latest post, we will let you know why it’s necessary and what you can expect during the process of prequalifying for mortgages in Atlanta!

It can be heartbreaking to lose out on a house you really wanted because you didn’t get pre approved.

What Does Pre Approved Really Mean?

Before we tell you why you need to get pre approved, we want to make sure you know the difference between pre qualified and pre approved. Qualified means you went in and told someone how much you make and they said you would qualify. This isn’t what you need. You need to get pre approved. This is when a lender takes a thorough look at your financial picture. You’ll need bank statements, tax information and pretty much all the paperwork you will need once you start the process of actually getting the mortgage once your offer has been made. It’s a good idea to organize now getting all of this information stored in one place. Whether it is a folder on your computer or a manilla one in your drawer.

Once your paperwork has been reviewed, the lender will either approve or deny you. This doesn’t necessarily guarantee the loan, but most sellers will rely on a pre-approval to assure themselves that the buyer can pay for the home.

So Why Go Through All This Before You Even Look At A House?

There are many reasons. 

The Competition Is Tough

It’s competitive out there. If you find your dream home, someone who already has their home loan pre approval could come in and buy the house while you are still finding out if you will be able to. It can be heartbreaking to lose out on a house you really wanted because you didn’t do some paperwork in advance. Many people won’t accept offers from people who don’t have a mortgage pre approval in Atlanta.

You Won’t Waste Your Time (Or Anyone Else’s)

If you have pre approval, you won’t waste your time looking at houses out of your price. This can make you very upset and frustrated should you find your dream house, only to realize you can’t afford it. In addition, your agent’s time is valuable, and they will want to have a concrete price range to work with. You shouldn’t ask them to see a house unless you are certain it is within your means. You should also think of the seller who has to clean up the house and leave. It isn’t very ethical to ask people to do this if you don’t have the ability to buy and it’s as simple as just getting prequalified for a mortgage

Related: Benefits of Buying Through a Wholesaler in Atlanta

get pre approved we buy houses atlanta sell my house fast atlanta we buy ugly houses atlanta suwanee lawrenceville marietta duluth norcross georgia

Fix Your Credit Now, Shop Later

By getting pre approved before home shopping, you can clean up and fix mistakes on your credit. By improving your credit, you will likely be able to get better terms on your loan.

Use Discretion

Don’t buy a house that is actually out of your price range. You don’t want to purchase beyond your means and find yourself in a bad situation down the road. Just because you are approved for a high amount, doesn’t necessarily mean you should buy something that expensive.

Don’t Be Scared

The pre approval process in Atlanta isn’t as difficult as many people make it out to be. In fact, it can be pretty simple so long as you have your paperwork in order. Gather up W2s, tax returns, pay stubs, P&L if self-employed, gift letters (if you are receiving help from family or a friend with the down payment), and a list of any fixed expenses. Once you have these documents gathered, store them in one location for easy access. We recommend making digital copies as well. You will refer back to these documents throughout the home buying process, so it is smart to keep them easily accessible.

Are you ready to buy a house in Atlanta? We are here to help! Send us a message or give our office a call now! (770) 744-0724

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

What Do You Have To Lose? Get Started Now...

We buy houses in ANY CONDITION in Georgia. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call (770) 744-0724...
  • This field is for validation purposes and should be left unchanged.