Why Do I Need a Pre Approval?

It's been a rainy week here in Philadelphia, but it looks like that crisp fall weather we love will be coming soon -- great home buying weather! 

If you're getting ready to start (or get back into) home shopping, read on to find out why getting a pre approval is an important part of the process.

Remember, to successfully navigate the current market, you must act quickly and be ready to strike while the iron is hot! That’s why you NEED a pre-approval from your lender. Having a current preapproval allows your buyer’s agent to submit a complete offer on your behalf and shows the seller you are serious and qualified to purchase his or her home.

Your agent will also have you complete a BFI (Buyer’s Financial Information) Form to accompany your offer. This form provides sellers with an in-depth look at your financials, showing not only are you qualified by a bank or lender, but your income, savings and assets. Hard proof that you are ready, willing and able.