Buying a Home? Why You Should Get Pre-Approved First

The moment you decide you’re ready to buy a new home, it’s incredibly tempting to hop online and start shopping. Whereas you used to get your kicks watching Selling Sunset or Million Dollar Listing, you’re now on the hunt for a dream property of your own. If you’re like many homebuyers, you’re waking up in the middle of the night to check your phone for new listings, and your dinner conversations are now consumed by talks of open floor plans, wood burning fireplaces, and what tile to use for your future backsplash.

While I completely understand your excitement about buying a house (yay!) and can’t wait to start showing you available properties, there’s a crucial first step that many homebuyers glaze over in an effort to expedite the process. Getting pre-approved for a mortgage is technically optional, which is why some buyers opt out. But in a competitive market like Breckenridge, having that letter from the bank saying how much you can afford will make you stand out from the crowd. And when I say crowd – I mean it.

In Summit County, the number of buyers searching for their dream homes far outnumbers the amount of properties that are currently for sale. In other words, inventory is low. Homes that come on the market under $1 million are under contract within a couple of days, making it nearly impossible to squeeze in a serious offer. This can be super frustrating when you’re on a timeline and need to move quickly, or if you’ve been searching for a while and keep having the rug pulled from beneath you. Without pre-approval, trying to buy a home in Breckenridge can feel like an uphill battle.

But... There's Good News!

One of the advantages of working with a local Realtor is that I can connect you with banks that will be able to assist you with the pre-approval process. Honestly, it’s not as tedious or painful as you might think. Once you settle on a lender, you’ll fill out a loan application to give the bank an accurate picture of your credit, debt, employment history, residential history, and how much of a down payment you can afford. Using this data, the bank will determine the amount they’re willing to loan you for a new house.

The Bottom Line

Getting pre-approved not only helps you shop within your price range, it shows sellers that you’re serious about buying. And while it may seem like an unnecessary step towards your goal of homeownership, pre-approval often speeds up the process after your offer has been accepted. And really, how can you argue with that?

I consider it my privilege and responsibility to make your home buying experience smooth and successful. That’s why I strongly encourage all of my clients to get pre-approved before spending too much time checking out real estate websites. Trust me – there will be plenty of that to come! If you’re seriously thinking about buying a home in Breckenridge, please contact me. I can help you get in touch with a lender who can assist you with the pre-approval process so you’re on your way to homeownership as quickly as possible.