A recent article written by Kiplinger’s Personal Finance drew attention to a few ways that house buyers can create more competitive “appealing” offers. Read Part 1 to catch up.
2. Be Preapproved:
Around four to five months before house buyers even look for a home, they
should check their credit reports to ensure that they are correct and take some
short term steps to create a better credit score, says the author of Before You
Buy, Michael Corbett. He says the home buyer should then obtain a banks’
preapproval for a loan amount. Even though this will not guarantee that you will get the loan, it
will show the sellers that a lender has confirmed the purchaser’s credit score
and income to decide that they can afford the payments on a mortgage for a
specific amount.
Question for the Reader: Did you get a preapproval letter for your last home purchase?
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