The game of chess can provide incredible lessons to apply to all aspects of life, including the homebuying process. Chess requires you to plan and think about your strategy from the very beginning of the game.
The homebuying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.
Pre-Approval: the Best Opening Play To Make as a Homebuyer
It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is pre-approval and what benefits does it provide you?
The pre-approval letter from a lender tells you the maximum amount you are qualified to borrow. Receiving a pre-approval letter is not a loan guarantee, it simply states how much a lender might be willing to lend you.
And while determining how much you can afford at the start of your search is critical, the pre-approval letter also serves another important purpose.
It helps you set a budget for your search and allows you to look for a home in your price range with confidence. The pre-approval also demonstrates to sellers that you are serious.
We — and most other real estate professionals — advise our seller clients to be careful with offers that are not accompanied by pre-approval letters.
So, in terms of chess, a pre-approval letter is a strong opening move.
Homebuying: It’s a Team Game, Not a Single-Player Experience
Every step you take to create your strategy as a buyer is important in today’s market. Why? Mortgage rates are still low, but increasing. Prices are going up. There’s a limited supply of homes for sale. These are just a few key variables in today’s market you need to be prepared for.
That means leaning on expert guidance as you plan every move is more important than ever. Have a team of professionals – like your trusted real estate agent and a loan officer – working with you every step of the way to help you make make the right moves.
If you have questions about the home buying process or need recommendations for reputable lenders, we’d be happy to help. Let’s connect at 508-360-5664 or email@example.com. Talk soon….
Have a great week…
Mari and Hank