In an age where money is tight and time is money, getting a pre-approval for a real estate loan is one of the most useful things to do.
A pre-approval essentially puts individuals or couples in specific categories of houses they can afford. Instead of having a Realtor walking people through houses they know they cannot afford, people will only be shown houses within their certain frame.
All anyone has to do is tell their Realtor what their pre-approved loan is, and the Realtor takes it from their, deciding which houses are appropriate to view for each customer.
In addition, this also prevents any Realtors who try and add commission by selling the more expensive properties that people should not be investing their money into. Not that this happens often, but this only helps decrease it.
Pre-approved loans are consistently proving to be helpful in every aspect of purchasing a house. Whether it is from preventing individuals from getting denied a loan after an offer has already been made, or just saving your time and being more organized, pre-approved loans are the smart decision when buying a new home.
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