[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fnoy9wi9r9mpu":3,"$ffeh0925h8cuz":42,"$fbwk2pqjjqsc7":46},{"item":4,"previous":30,"next":36},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":28,"updatedAt":29},1697,"why-is-it-so-important-to-be-pre-approved-in-the-homebuying-process","Why Is It so Important to Be Pre-Approved in the Homebuying Process?","You may have heard that pre-approval is a great \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2019\u002F06\u002F24\u002Fstop-wondering-what-your-budget-is-get-pre-approved\u002F\">first step\u003C\u002Fa> in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F26131034\u002F20200827-KCM-Share.jpg","You may have heard that pre-approval is a great \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2019\u002F06\u002F24\u002Fstop-wondering-what-your-budget-is-get-pre-approved\u002F\">first step\u003C\u002Fa> in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.\u003C!--more-->\r\n\r\nAccording to a recent \u003Ca href=\"https:\u002F\u002Fhub.realtor.com\u002Fblog\u002F5-rampant-mortgage-myths-you-ll-hear-these-days-completely-debunked?\">survey\u003C\u002Fa> from \u003Cem>realtor.com,\u003C\u002Fem> many buyers are making the mistake of skipping the pre-approval step in the homebuying process:\r\n\u003Cblockquote>\u003Cem>“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, \u003Cstrong>only 52% obtained a pre-approval letter before beginning their home search\u003C\u002Fstrong>, which means nearly half of home buyers are \u003Cstrong>missing this crucial piece of paperwork.\u003C\u002Fstrong>”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThis paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.\r\n\r\nHow competitive is today’s market? Extremely – especially among buyers.\r\n\r\nWith limited \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F07\u002F20\u002Fthinking-of-selling-your-house-now-may-be-the-right-time\u002F\">inventory\u003C\u002Fa>, there are many more buyers than sellers right now, and that’s fueling the competition. According to the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR), homes are receiving an average of \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Frealtors-confidence-index\">2.9 offers\u003C\u002Fa> for sellers to negotiate, so \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F07\u002F13\u002Fbuyers-are-you-ready-for-a-bidding-war\u002F\">bidding wars\u003C\u002Fa> are heating up.\r\n\r\nPre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.\r\n\r\nDanielle Hale\u003Cem>, Chief Economist\u003C\u002Fem> for \u003Cem>realtor.com\u003C\u002Fem> notes:\r\n\u003Cblockquote>\u003Cem>“For ‘a buyer in a competitive market, it’s \u003Cstrong>typically essential to have pre-approval done\u003C\u002Fstrong> in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nIn addition, today’s housing market is also changing from moment to moment. \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F08\u002F14\u002Fmortgage-rates-payments-by-decade-infographic\u002F\">Interest rates\u003C\u002Fa> are low, \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F08\u002F13\u002Fhomes-are-more-affordable-right-now-than-they-have-been-in-years\u002F\">prices\u003C\u002Fa> are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIn a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.","\r\nIn a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.",false,[16,20,24],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},11,"First-Time Buyers","first-time-buyers",{"id":25,"name":26,"slug":27},38,"Move-Up","move-up","2020-08-27T10:00:32Z","2020-08-27T10:01:07Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},1696,"should-you-buy-an-existing-home-or-new-construction","Should You Buy an Existing Home or New Construction?","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F25103214\u002F20200826-KCM-Share.jpg","2020-08-26T10:00:24Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},1698,"the-cost-of-renting-vs-buying-a-home-infographic-4","The Cost of Renting Vs. Buying a Home [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F08\u002F27151908\u002F20200828-KCM-Share.jpg","2020-08-28T10:00:06Z",{"cover":43,"open":44,"shareSpread":45},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[47,51,52,56,60,64,68,69,73,77,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":48,"name":49,"slug":50},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":53,"name":54,"slug":55},6,"For Sellers","sellers",{"id":57,"name":58,"slug":59},7,"Foreclosures","foreclosures",{"id":61,"name":62,"slug":63},8,"Infographics","infographics",{"id":65,"name":66,"slug":67},9,"Home Prices","home-prices",{"id":21,"name":22,"slug":23},{"id":70,"name":71,"slug":72},34,"Senior Market","senior-market",{"id":74,"name":75,"slug":76},35,"Mortgage Rates","mortgage-rates",{"id":25,"name":26,"slug":27},{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]