Imagine that you’re selling a home and you receive two offers. One person quotes you a lovely number. The other person quotes you a similar number and hands you a piece of paper from a lender, guaranteeing that this person actually has access to the money he or she is promising. Who will you sell your house to? Chances are, you’ll trust the written word over the spoken word. You’d be surprise how often this occurs particularly in competitive real estate markets. That’s why it’s important to get pre-approved for a mortgage.
DO NOT make decisions that affect your mortgage payments by making any other major purchases and don’t switch jobs. This is just added hassle that will prolong the process. Also be sure to obtain hazard insurance, and switch utility providers, and don’t forget to cancel any services in your name at your old home!
