Why Getting Pre-Approved for a Mortgage Is Key to Buying a Home in Brookings, SD
Posted by Shane Andersen on
With home inventory increasing and mortgage rates starting to come down, you might be thinking this is finally your moment to jump into the Brookings area real estate market. But before you start shopping for your dream home, there’s one crucial step you need to take: getting pre-approved for a mortgage.
The pre-approval process involves a lender reviewing your financial information, such as your W-2s, tax returns, credit score, and bank statements, to determine how much they are willing to loan you. Once this is done, you’ll receive a pre-approval letter, which is your golden ticket to house hunting. Here are two big reasons why this is a must in today’s real estate market.
Pre-Approval Helps You Understand Your Budget
Although home…
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