Ready to Buy? Why the first step is talking to a local lender…

Anyone looking to purchase Idaho real estate should secure their mortgage pre-approval before searching for properties.  Like going to the grocery store, you need to know just how much money you will have available to spend before you starting to put things into the cart.

There are several reasons why this is an important first step:

• Knowing what the bank will lend lets a potential buyer know what price range to look at
• With an approval already completed, the buyer can move quickly to secure the home
• The approved buyer is already a step ahead if there are other buyers interested in the same home

Know in Advance

Whether a buyer is looking in the Idaho cities of Boise, Nampa, Meridian or Eagle, knowing in advance what price range they can qualify for eliminates that dreadful experience when a potential home buyer locates their dream home only to find out that it is beyond their ability to finance the purchase.  Know what the mortgage limit is and the buyer will only see those homes that are real, viable purchases.  No dashed expectations or wishful thinking.

Move Quickly

When a new home comes onto the Boise MLS, there is frequently a flurry of potential buyers that want to see the house.   If a potential buyer is in that group, and the home is priced to sell, having a complete approval from a lender will allow the purchaser to make a quick move.  Placing an offer to purchase a home with a mortgage approval already in place means no waiting and no flurry of activity.  If a buyer has already met with a lender, and filed their paperwork, the entire process will work much more smoothly.

Meeting with a lender and getting a complete approval in advance makes buying a home much less stressful.

Improved Negotiating Position

A full approval puts a buyer in a much stronger negotiating position.  An offer to purchase a Boise home will always be viewed positively by the Realtor who represents the seller if they know that the mortgage has already been approved.   That is because there is no waiting and no contingency that could disrupt the deal.  If there is no waiting for the lender to process their application, no waiting for documentation, the seller is more confident that the transaction will complete, and more confident signing a sales agreement with the buyer.

Start with a lender. A purchaser that comes to the table with an approved mortgage is much more likely to have a successful home purchase.