[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fs1vykxha139n":3,"$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},3853,"why-pre-approval-is-key-for-homebuyers-in-2022","Why Pre-Approval Is Key for Homebuyers in 2022","You may have heard that it’s important to get \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F05\u002F07\u002Fthe-power-of-mortgage-pre-approval-infographic\u002F\">pre-approved\u003C\u002Fa> for a mortgage at the beginning of the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F19\u002Fyour-journey-to-homeownership-infographic\u002F\">homebuying process\u003C\u002Fa>, but what does that really mean, and why is it so important? Especially in today’s market, with rising \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F13\u002Fwhats-going-to-happen-with-home-prices-this-year\u002F\">home prices\u003C\u002Fa> and high \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F20\u002Fbuyers-want-to-know-why-is-housing-supply-still-so-low\u002F\">buyer competition\u003C\u002Fa>, it’s crucial to have a pre-approval letter prior to making an offer. Here’s why.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F21102322\u002F20220124-KCM-Share.jpg","You may have heard that it’s important to get \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F05\u002F07\u002Fthe-power-of-mortgage-pre-approval-infographic\u002F\">pre-approved\u003C\u002Fa> for a mortgage at the beginning of the \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F11\u002F19\u002Fyour-journey-to-homeownership-infographic\u002F\">homebuying process\u003C\u002Fa>, but what does that really mean, and why is it so important? Especially in today’s market, with rising \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F13\u002Fwhats-going-to-happen-with-home-prices-this-year\u002F\">home prices\u003C\u002Fa> and high \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F20\u002Fbuyers-want-to-know-why-is-housing-supply-still-so-low\u002F\">buyer competition\u003C\u002Fa>, it’s crucial to have a pre-approval letter prior to making an offer. Here’s why.\u003C!--more-->\r\n\r\nBeing intentional and competitive are musts when buying a home this year. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market.\r\n\r\nWith limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR), homes today are receiving an average of \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fresearch-reports\u002Frealtors-confidence-index\">3.8 offers\u003C\u002Fa> for sellers to consider. As a result, bidding wars are still common. Pre-approval gives you an \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2021\u002F12\u002F28\u002F5-tips-for-making-your-best-offer-on-a-home\u002F\">advantage\u003C\u002Fa> if you get into a multiple-offer scenario, and these days, it’s likely you will. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war.\r\n\r\n\u003Cem>Freddie Mac\u003C\u002Fem> \u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fblog\u002Fhomeownership\u002F20180926_strategies_for_winning_the_bidding_war.page\">explains\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“By having a \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fmyhome.freddiemac.com\u002Fblog\u002Fhomeownership\u002F20201001_get_pre_approved.page\">\u003Cem>pre-approval letter\u003C\u002Fem>\u003C\u002Fa>\u003Cem> from your lender, you’re telling the seller that you’re a serious buyer, and you’ve been pre-approved for a mortgage by your lender for a specific dollar amount. In a true bidding war, your offer will likely get dropped if you don’t already have one.”\r\n\u003C\u002Fem>\u003C\u002Fblockquote>\r\nEvery step you can take to gain an advantage as a buyer is crucial when today’s market is constantly \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2022\u002F01\u002F12\u002Ftwo-ways-homebuyers-can-win-in-todays-market\u002F\">changing\u003C\u002Fa>. Interest rates are rising, prices 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 such as a loan officer and a trusted real estate advisor making sure you take the right steps and can show your qualifications as a buyer when 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. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.","\r\nIn a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing 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","2022-01-24T11:00:43Z","2022-11-16T17:08:01Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},3852,"americans-choose-real-estate-as-the-best-investment-infographic","Americans Choose Real Estate as the Best Investment [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F20142536\u002F20220121-KCM-Share.png","2022-01-21T11:00:23Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},3854,"the-next-generation-of-homebuyers-is-here","The Next Generation of Homebuyers Is Here","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2022\u002F01\u002F24120940\u002F20220125-KCM-Share.jpg","2022-01-25T11:00:48Z",{"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"]