Are You Pre-Approved?
Are You Pre-Approved?
This question is commonly heard in the US real estate market. Essentially, it's a query posed to potential buyers to ascertain whether they have already secured mortgage approval before they begin viewing a property. While some may perceive this inquiry as pushy, it holds significant importance and relevance.
Shaun from Cooper Adams always looks at how other countries buy and sell properties and which bits to take to improve the process for buyers and sellers in the UK.
Why waste your time, the agent's time, and the home seller's time by touring a property if you're uncertain whether your income and credit score qualify you for a mortgage to purchase it? Furthermore, having pre-approval enhances the credibility of your offer. A Mortgage Agreement In Principle Certificate (in the US they call this their Pre-Approval) or email from your broker serves as validation of your financial readiness. However, it's crucial to note that online tools offering such certificates based on unverified income lack credibility, as they haven't been verified by a broker.
Arranging a mortgage involves two key components:
- Your financial situation and credit score.
- The property's suitability as collateral for the lender.
Addressing the first aspect in advance not only saves time but also ensures preparedness.
If you wish to take a proactive approach and get Pre Approved with a 'Mortgage Agreement In Principle' organised without incurring any costs, feel free to reach out to the Cooper Adams team on 01903 792727. We can connect you with our reliable and trusted mortgage advisor to help you with all your mortgage enquiries. Our broker stands out from other advisors by not charging any additional fees. They excel in securing and locking in the best deals for you. However, if a superior deal emerges, they have the capability to switch it for you. Their proactive approach ensures they are dedicated to helping you save money and find the right fit for your home purchase.