Lender Tip: Don’t wait to get preapproved!

October 21, 2019

Posted by in News

Delaney’s Lender Tip:  Get preapproved with a local lender six months before you are ready to buy to be the most prepared!


Many buyers I work with contact me with just two months or so left on their apartment lease. We complete an application, they immediately start looking for homes, and they close on the new home around the time when their lease ends.


While there’s nothing wrong with this scenario, these homebuyers may be missing out on the benefits of getting preapproved further in advance. Here are just a few of those benefits!


Many buyers qualify comfortably without any problems. However issues can pop up when we review their credit score and look at any late payments, collections, etc. Many times they mention they didn’t know something was on their credit report that was pulling down the score, or they ask me how to get their score higher.


These are issues that can be mitigated by getting preapproved earlier.


While moving is not always planned far in advance, I always recommend buyers to do a preapproval and application around six months prior to house hunting. This allots time for us to tweak any items on the credit report and increase the credit score before going under contract.

This ensures the interest rate is the best it can be for our buyers!


The lender will also provide an accurate estimate of what funds may be required at closing. Reviewing this information well in advance provides the buyer with a concrete estimate of the costs associated with purchasing a new home so they can budget ahead of time.


Having a preapproval in the works well in advance has another advantage. If there is a certain home you are interested in, you can send the address to your lender and the lender can prepare a pinpointed estimate on that home’s taxes, HOA dues, and more. Then you can see accurate payment estimates and can decide to move forward quickly if you do stumble upon your dream home unexpectedly.


Purchasing a home is a big moment in a family’s life. Ensuring you are the most prepared and have all your ducks in a row not only helps the process move along seamlessly, it gives the buyer a peace of mind and confidence!


Delaney Bravo launched her career in mortgage lending in 2014 to help clients achieve their dream of homeownership. She joined the team at Jet HomeLoans in 2017. Contact Delaney at delaney.bravo@jethl.com or 904-530-7216.

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