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Why You Should Apply for a Home Mortgage Before Searching for a Home

 
When you’re looking to buy a piece of Athens, Georgia real estate, there are a lot of important decisions to make. This is especially true of the finances involved in your purchase. Most people who buy a new house will take out a home mortgage to pay for it, and this has many advantages. Having a home mortgage that is regularly paid off can boost your credit score, and free up larger sums of money for your own personal use. With clever investment, buying a house with a mortgage could even be a net profit for you.

But while the advantages of a home mortgage might be obvious, it can be difficult to figure out when you should apply for your mortgage. Some buyers might be tempted to browse the market first and look for a house that suits their needs before they worry about getting their finances in order to pay for it. But if you’re serious about buying one of the homes for sale in Athens, Georgia, it’s a very good idea to acquire a home mortgage first, well before you start buying or even looking for a house of your own. Here are a few of the advantages of getting preapproved and securing a home mortgage before you start house shopping.

Getting confidence from a preapproved loan

Having a preapproved home mortgage in your pocket before you start shopping for houses, as opposed to trying to secure a mortgage after you’ve found a house you want, has a lot of advantages. The most obvious advantage of getting preapproved for a home is that doing so will give you a good idea of your ultimate budget for whatever Athens Georgia house you end up buying. Going into the house buying process with knowledge of how much you have available to spend and how easily you’ll be able to make your monthly payments can give you much more confidence when buying, not to mention the fact that knowing your budget ahead of time will of course inform which homes are within your price range.

What sellers get out of a preapproved mortgage

As the prospective home buyer, you won’t be the only part of the transaction who gets confidence and security by having a preapproved home mortgage in hand before you start shopping Athens, Georgia real estate. Having that preapproval under your belt will also make sellers more willing to deal with you, since you’ve already been vetted by a third party who’s agreed to give you the money you need to make a purchase. Home sellers see buyers who’ve been preapproved for a mortgage as more likely to see the purchase through to the end, since they’re guaranteed to have the money ready when it comes time to close on a house.

In some markets, home sellers won’t even entertain offers from customers who haven’t been preapproved for a mortgage, preferring a potential buyer who has their mortgage ready to go over someone who might say they’re willing to pay more but who doesn’t have the certification to back it up. Even if that doesn’t happen to you, having a preapproval locked and loaded can still help you get a showing much quicker than someone who hasn’t started applying for a loan, or someone who’s trying to pay for their house out of pocket.

It is important to keep in mind, though, that getting preapproved for a loan is a major step, and should only be taken if you’re confident that you want to buy. Your credit score could suffer if you back out and decide not to buy a house after securing approval. On the other hand, seeking a mortgage before you get preapproved can give you a good idea of your financial situation and help you make an informed decision about your purchase.

Home mortgages and peace of mind

Your economic situation can be a confusing and complicated thing, which might make it daunting to even think about beginning the search for a new home. Luckily, getting preapproved for a home mortgage can help with this as well. Applying for a home mortgage early can actually help resolve any lingering problems with your finances and make it easier to plan how you want to go about purchasing one of the many homes for sale in Athens, Georgia.

Even if your personal finances are messy, seeking qualification and approval for a home mortgage can help get them in order. Laying out your finances for the benefit of a potential lender can help you get a better idea of your situation, and it can also help the lender identify potential trouble spots and offer advice on how they might be resolved. This can be a mutually beneficial process, as it allows the lender to make an informed decision about what kind of loan to give you, and it will give you more confidence not only in your attempts to buy a home, but in your financial situation overall.

Getting started with a preapproved mortgage

The act of buying a house is a complicated process and a major life choice. There are a lot of things to keep in mind when you’re getting ready to take that leap and invest in a prime piece of Athens, Georgia real estate. But getting preapproved for a mortgage on your home is a vital first step for anyone who’s serious about buying a house for themselves, and the security and confidence that brings is indispensable in the hunt for a home.

If you’re thinking about getting a home for yourself in Athens, consider reaching out to an experienced real estate agent like Jenny Reville. With more than twenty years of experience in the real estate business, Jenny can offer indispensable guidance in finding a home in Athens, Georgia, and making the right financial decisions to make sure that your new life in the region is a good one.

*Header photo courtesy of Pexels



Jenny  Brown Reville

Jenny Brown Reville

Broker | Owner

About the Author

Jenny grew up the daughter of a forester and Realtor in rural Washington, Georgia. Her love for people and land came at an early age when she began following her father’s footsteps in the woods. Those times led to a lifelong passion of being in the familiar woodlands surrounding her home. Evenings at home revolved around conversations of family, land, and homes.

Jenny was educated at Young Harris College and received her Bachelor’s of Forestry at the University of Georgia. She came home to work with her father and has continued to do so since 1996. In 2000 Jenny began her real estate career and built a clientele ranging from local owners to the Wall Street traded titans of timberland. Jenny resides in her beloved Wilkes County with her family.

Jenny’s longtime career in rural towns and agricultural communities in Wilkes & surrounding counties make her the go to broker for sellers and buyers in Northeast Georgia. Her clients benefit from her wide array of firsthand knowledge in timberland management, cattle operations, and smalltown life. 

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