If you’re seeking a mortgage in Michigan to buy your first home, chances are good that the entire process of buying real estate is a little daunting – navigating the murky waters isn’t exactly easy when you don’t have a map and you’re not sure how the process works from start to finish.

Real estate experts often advise first-time home buyers to do nothing else without first seeking preapproval for a mortgage in Michigan.  When you wield a letter of preapproval, the odds start to stack in your favor.

Mortgage Preapproval – Narrowing Down the Home Search

You’ve likely got an idea of the type of home you want, but what you want and what you can afford are two very different things.  Your real estate agent will send you listings on available homes based on your parameters.  If you don’t know your limit or budget, then the numbers of listings grows.

With an understanding of your limits, you know what you can afford and what you’ll have to go without.  Most MLS systems will allow an agent to send you home listings based on parameters, and that includes your price range and the amenities that will keep you within your budget.  This way you’ll spend a lot less time touring and falling in love with a “pie in the sky” property.

Mortgage Preapproval – Spending More Time with the Right Homes

Since you’re reviewing fewer homes, you can spend more time making an informed decision on which home is right for you.  If you’re rushed there’s a greater chance of overlooking a defect in a home, or a deal breaker that you would normally say “no”, too.  Having that pre-approval affords you the opportunity to focus on the little things that matter most when buying a home.

Like whether or not your truck will clear the garage or crash into the microbeam.

Mortgage Preapproval Instills Confidence

The best thing about preapproval for a mortgage in Michigan is that once you find the perfect home, no one can take it away from you.  Imagine finding the perfect home otherwise, and then having a bank or mortgage banker turn you down?

The preapproval process minimizes anxiety, removes any last minute surprise that might disqualify you and you’ll sleep more soundly knowing your first home is just around the corner.

Preapproval for Mortgages in Michigan = Negotiating Power

If you’re putting a bid in on your old Downriver neighborhood, or for that house in Troy you’ve fallen in love with, a seller is far more likely to take your offer – even if it’s under their listing – when they know you’ve been preapproved and it’s a sure deal.  Often people are as hopeful to sell a home as you are hoping to find the right one.

Knowing the sale will happen is peace of mind that a seller simply cannot ignore.  They can take it off the market and place it in pending status with confidence.

Lastly, preapproval on a mortgage in Michigan can speed up the closing process.  Since there’s no loan processing period once an agreement is made, appraisals on the home can be done immediately.  In many cases, a 30 day close (typical closing period) can be reduced to merely two weeks.

If you’re looking for first time home buyer assistance then click to contact me today, let me help you get the process started to finding that perfect home for you and your family so you can reap the benefits of mortgage preapproval.