Pre-Approval in 2023: What You Need To Know

If you’re planning to buy a home in Spokane in the next few years, you should be aware of the pre-approval process. In recent years, the process has become much stricter and more complex, so it’s important that you know what to expect. Let’s take a look at how pre-approvals work and how they can help you show sellers that you’re a serious buyer.   Pre-Approval Process The first step is to find a lender who will provide you with pre-approval. This process involves submitting an application and providing documentation such as proof of employment and income. The lender will then review your credit score and other factors to determine if you are eligible for pre-approval. This process can take several weeks or even months—it all depends on your individual situation. Once your application is approved, the lender will issue a letter that states that you have been approved for a loan up to a specific amount, usually based on your current financial situation and credit score. This document is important when negotiating with sellers because it shows them that you are prepared to follow through with the purchase of their property.   Benefits of Pre-Approval When shopping for a home in Spokane, having pre-approval can give you an edge over other buyers who may not have taken this step yet. Sellers are more likely to accept offers from buyers who already have pre-approval because they know those buyers are serious about buying the property and won’t back out last minute due to financing issues or lack of funds. Also, having pre-approval makes it easier for you to negotiate prices since sellers know exactly how much money they will receive from the sale upfront.   Pre-approvals can be an invaluable tool when buying a home in Spokane in 2023 or any year thereafter. It not only helps show sellers that you are serious about purchasing their property but also helps make the negotiation process smoother and simpler by allowing both parties to know exactly what amount of money will be exchanged during the sale. Make sure to do your research ahead of time so that when it comes time to apply for pre-approval, you’ll be ready! Good luck!

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Think Twice Before Waiting for 3% Mortgage Rates

Low mortgage rates were one of the big stories of 2021. But now that we’re in a new year, those rates are on the rise. If you’re thinking about buying a home in Spokane, don’t wait for 3% mortgage rates to come around again. Here's why.   Inflationary Pressures Easing Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares: “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.” That’s potentially great news if you’re a buyer aiming to jump back into the housing market.   Don't Bank On Record Lows Again While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Rather than waiting and hoping for rock-bottom prices, it pays off more in the long run to take advantage of today's low but still manageable interest rates. Plus, with so many homes available right now, there's no need to wait and hope for further savings when looking at your options today could get you more bang for your buck tomorrow!   Buying Now Could Benefit You Big Time The bottom line is this: waiting around won't get you anywhere when it comes to buying a home in Spokane today. Instead of procrastinating and hoping for near-zero interest rates like we experienced last year - which experts say won't happen again anytime soon - it's best to start looking now and take advantage of what's available today! With housing inventory levels being higher than normal right now due to pandemic-related delays and fewer people entering the market over the past year or so, there are plenty of great deals out there that could benefit you big time if you take action now!   Home buyers in Spokane should think twice before waiting for 3% mortgage rates again – they may never come back! To maximize your savings and get more house for your money while also taking advantage of current low-but-still-manageable interest rates, don't wait any longer; start searching now! Take action today by beginning your house hunt instead of procrastinating – it could be worth thousands!

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