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?
As Freddie Mac puts it:
“The pre-approval letter from your lender tells you the
maximum amount you are qualified to borrow. Getting a pre-approval letter is
not a loan guarantee, it simply states how much your lender is 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. Freddie Mac also notes:
“This pre-approval allows you to look for a home with
greater confidence and demonstrates to the seller that you are a serious
buyer.”
In the game of chess, a strong opening move signals to your
opponent that you’re a serious competitor. As a homebuyer, your pre-approval
letter signals to the seller that you’re a serious, interested buyer.
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 – every step of the way to make sure you
make the right moves.
Bottom Line
Getting a pre-approval letter isn’t just good strategy, it
can be game-changing. It allows you to get a full understanding of what you can
afford, and it signals to sellers that you’re serious. Let’s connect today to
ensure you’re playing chess and being strategic during the home buying process.
Source: Real Estate with Keeping Current Matters
