A housing report by the Washington Post shows that first-time homebuyers get pre-approved before house hunting.
In the Washington Post’s housing report, they found that 74% of homebuyers start their house hunt in areas like Dallas, Texas, by researching financing options and getting pre-approved with a local Dallas lender. For first-time homebuyers, that percentage increases to 85%.
Their survey found that many buyers felt that a pre-approval is essential in a competitive market like Dallas where homes sell quickly, and sellers have many offers to choose from.
Why Should Homebuyers Get Pre-Approved?
All homebuyers should get pre-approved before they begin house hunting in Texas. Submitting a pre-approval letter with your house offer makes a homebuyer’s offer much more competitive in Dallas’ hot market. Homebuyers who receive an official pre-approval with JVM Lending can close escrow in as little as 14 days.
Pre-approvals are also valuable to homebuyers because they allow for non-contingent offers and ensure that there are no major issues in their loan and homebuying process. Pre-approvals help Dallas homebuyers identify any issues with credit and finances early so they can get corrected before funding.
Pre-approvals help Texas homebuyers know what their financial limits are for their down payment and their monthly mortgage payments. Understanding the price range that homebuyers are comfortable with is critical to making sure they are house hunting in the right Texas markets and at the right price point.
Concerned About Communication?
One of the most common fears among homebuyers in the report was communication with their lender, specifically about loan fees and finding the right loan for their financial situation. 64% of homebuyers surveyed found that the coordinating paperwork for their loan was the most difficult part of their home buying process.
At JVM Lending, Mortgage Analysts are available 7 days a week, and a Mortgage Analyst is “on call” every weekend to alleviate any concerns with communication. We also guarantee 60-minute responses to all emails and phone calls during business and weekend “on call” hours.
If you’re considering purchasing a home in Dallas, Texas, start with a pre-approval. You can reach us by phone at (855) 855-4491 or by email at [email protected]. We’re happy to get you started on your home buying journey!
