What to Do After You Get Pre-Approved

Dec 16, 2020 • Our Blog
What to Do After You Get Pre-Approved

You have been Pre-Approved! Now what?

After the Pre-Approval process, it is time to start looking for your dream home. You should have a clear understanding about the price of the home you can afford and your means of monthly payment.

Find A Trustworthy Realtor ®

With your Pre-Approval letter in hand, it is time to work with a Realtor®. If you do not already have one, your Loan Officer can refer you to our network of trusted agents. As you start to look at homes with your agent, you will quickly learn what you love and where you are willing to compromise. We consider it one the of the most exciting parts of the process.

Keep in Contact With Your Loan Officer

Your Pre-Approval will only last for a certain period of time which is why it is important to stay in contact with your loan officer. They can suggest ways to make your offer more competitive, update your pre-approval, and even reach out to the listing agent.

Do not Jeopardize Your Pre-Approval

While you may have a Pre-Approval in hand, this does not mean you are clear to close. As you are looking for your home, it is important to maintain your eligibility. Here are some ways to stay eligible:

  • Keep a healthy credit profile

  • Stay employed at your current job

  • Do not originate any new credit inquiries

  • Do not spend the money you have reserved for down payment

  • Do not sell expensive items (cars, boats, etc.) for cash

If you are ever in doubt about whether or not a decision will affect your pre-approval, feel free to reach out to your loan officer.

Do not Get Discouraged

Depending on your local market, you may be in what is called “A Buyer’s or Seller’s Market”. If you are in a Seller’s Market, there is a low amount of inventory, and in turn, a large amount of competition for homebuyers. Common characteristics of Seller’s Markets are:

  • Multiple offers on homes

  • Offers being accepted over asking

  • Homes going into contract right after being put on the market

  • Many “move-up” buyers

In Seller’s Markets it is often discouraging as a buyer, but it is important to stay focused on the end goal. Work with your Realtor ® and lender to keep your home search moving forward. While you may need to adjust your price range, use a different loan program, or utilize a different strategy, eventually you will find the perfect home.

If you need to get Pre-Approved, or you need a second look at your current Pre-Approval, Click Here and schedule an appointment today.