Be preapproved to buy a home in Castle Rock, Colorado
Castle Rock is a rather small, sleepy little community located just off I-25 between Denver and Colorado Springs. The butte located on the east side of the interstate is what gave inspiration to the name, Castle Rock.
It's just as important to be preapproved to buy a home in this little town as it is when making an offer for a home in the city. In a previous post I explained the difference between being prequalifed and being preapproved to buy a home. The focus of this post is WHY you'll want to be preapproved to buy a home!
When you have been preapproved for a home loan it allows you to shop with confidence. But more importantly the seller of a property will look at your offer more seriously than an offer from a buyer who has only been prequalified. Many times a seller will take a lower offer from a buyer who has taken the time to be preapproved to buy a home as there is less risk of taking their home off the market only to find out weeks, sometimes months later that the prequalified buyer can't actually get approved for their loan!
Another advantage of completing the steps to be preapproved to buy a home is that many lenders can offer an interest rate lock even if you haven't found your actual home yet! This is especially comforting in a market where there is concern about interest rates going up. A higher interest rate means a smaller. less expensive home when you're targeting a maximum monthly house payment. This type of lock usually allows you 30 days to find your home and an additional 30 days to close on the property.
For more information on how to be preapproved to buy a home call me today!
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.