Buying a new home is typically the most expensive purchase people make in their lives. The process can be arduous, but the beautiful hardwood floors, shiny granite countertops, and lush green backyards draw you in and make a lasting impression. However, that excitement can disappear if your chat with an agent about the cost of the home, homeowner’s association fees and property taxes doesn’t go as planned. Make the dream of homeownership from Paran Homes a reality in 2024 by being proactive instead of reactive. Learn why you should get pre-approved for a mortgage now!
Interest rates have dropped in 2024, and now is the time to sign a contract for the home you’ve been eyeing.
“After rising to 7.79% in October—the 2023 high—mortgage rates have cooled markedly in recent weeks…”(Forbes) It is expected that “mortgage rates will continue to ease in 2024 as inflation improves and Fed rate cuts get closer…” (Realtor), dropping down to 6.5% on average this year.
Getting pre-approved for a mortgage now offers insights into various mortgage options and helps you select the most suitable one. You can take the time to compare lenders and the types of loans they offer, such as conventional, government, fixed-rate, and more! With so much information out there, it’s better to get organized early and take advantage of the lower interest rates so you don’t pay more for your home later.
Touring a model home or speaking to a seller with your pre-approval in hand convinces them that you are committed to the process of being a homeowner. Sellers often favor pre-approved buyers, which signifies seriousness and financial readiness to purchase. Don’t waste time window-shopping your new home when you can purchase confidently!
In the United States, having good credit has been a marker of good financial literacy for the last few decades. For many home purchases using a loan, a high credit score is required to get the best interest rate and approval odds. Pre-approval may uncover credit issues or errors that can be addressed before the actual purchase process. Getting your pre-approval completed before touring model homes or speaking with a real estate agent can save time if your credit score is too low and needs improvement.
Buying a new home is a lot like playing a game of chess. An unexpected appraisal amount may cause you to rethink your winning strategy, and a home inspection can cause a blockade and derail your move-in plans. Having mortgage pre-approval strengthens your negotiation power when making an offer on a property. It gives you more knowledge to make the right move and avoid blunders by accepting a less favorable loan. With Marc Chillion and Paran Homes, homeownership is the endgame for 2024!
From your boss requesting overtime at work, your kids needing to be picked up from school, and your dog feigning a long walk, you’re busier than ever this year. Pre-approval streamlines the closing process, reducing the chances of delays. Buying a new house is a lengthy process, but getting pre-approved cuts down on wasted time and unexpected news. Take your time back this year and move into your new home faster and more efficiently.
Getting pre-approval for a mortgage now can save you time and money later! Contact Marc Chillion today for pre-approval options and information on new construction communities in Atlanta, GA from Paran Homes!