Why Preliminary Financing Is Important

Why Preliminary Financing Is Important

What's the difference between getting the Yonkers home of your dreams and losing it? Three words: Pre-approval, pre-approval, pre-approval. In today's market lenders are scrutinizing homebuyers more than ever before. So while there is still home credit available for qualified buyers, those buyers are more closely examined. That's why, before you even start your Yonkers home search, you should secure preliminary financing first.

Losing A Home You Love

Perhaps you've been looking for the perfect Yonkers home for a while. Maybe you just started your home search. In either case, if you find that perfect house there's a chance you could lose the home of your dreams if you don't have your preliminary financing in order.

Why?

The reason is that many sellers want a home sold with as little complications as possible. So although you might even offer more on a home than another buyer, the lower offer might be taken over yours if that person has their financing in order. So if you don't want to miss out it's important that you get your preliminary financing finished before you ever start home shopping.

Aside from this though, it's also wise to find out how much home you can afford. It's not just the home itself that you have to consider - it's also other factors like taxes, insurance, association fees, etc. So find out how much you can realistically afford with preliminary financing. You'll be glad you did.