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Getting PreApproved Before Selling Your Home

So you are selling your home because you have decided to upsize, downsize, or simply take advantage of favorable market conditions. Whatever the case may be chances are you will be doing much more than selling your home; you will be buying a home at the same time.

Don’t Get Left in the Cold

Depending on how much equity you have accumulated in your current home will likely influence how much money you will be able to apply to the purchase of a new home. It is possible you will need to acquire additional funds for your home purchase. Many sellers often forget the importance of getting pre-approved for a home loan when selling their old home and looking for a new one (often depending entirely on their home selling for a pre-determined price) and this could put you in a sticky situation later down the line.

Advantages for Getting Pre-Approved for a Home Loan

  1. Determine how much a lender is willing to lend
  2. Set the price of the home you can afford
  3. Get the paperwork in order
  4. Work out potential problems
  5. Speeds up the closing process

The more “to dos” that are in order when buying and selling your home will only make it that much easier with fewer surprises and unmet expectations.

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