Th real estate market is a fickle thing. While news programs often make us feel the same thing is happening across all real estate markets in the US, that's just not the case.  In fact, our country is filled with thousands of real estate markets sitting shoulder to shoulder across the US.  Each offering unique opportunities and pitfalls that can be radically different at any given time. 

In addition, conditions often change quickly. An entire market can shift overnight thanks to changes in mortgage interest rates, the amount lenders charge borrowers over time. Those adjustments, in turn, can be caused by anything from bank fluctuations to Washington politics.

In the long run, buyers hoping to get the best deal need one thing on their side: Speed.

The faster you get through your transaction, the easier it is to "seize the day" and get the best bargain in any market. This is especially true because a mortgage loan agreement only lasts for a short period of time--if you don't act on it within that window, your rates can go up. 

What's the key to moving faster in the market? Getting pre-approval.

Pre-Approval Can Cut Weeks Off Your Home Buying Timeline

What is pre-approval?  Simply, it's a formal agreement putting the terms of your prospective home loan in writing. A lender looks at your finances, makes a determination about mortgage amounts and rates, and leaves it on the table for you to take advantage of if you need it.

A pre-approval is typically good for at least 30 days, giving you time to continue your house hunt once you have it. And it means you can stand toe-to-toe with buyers in competitive markets: Your mortgage loan is ready to go, making it "as good as cash" for sellers.

Pre-approval isn't the most exciting part of home buying. Still, it's best to get it out of the way as quickly as you can. It gives lenders a chance to fully review your finances, so you don't have to sit around waiting for paperwork to go through in the future.

There are some other advantages, too:

• You Know What Your Loan is Worth
  A pre-approval isn't quite the same as a mortgage loan: You can still walk away from it, and to activate it, you need to make a bid on a house that appraises for the loan amount. By having the pre-approval letter in hand, however, you already know exactly what you can afford.
• You Can Bid Whenever You Need To
  In competitive real estate markets, you may find yourself up against investors who want to "fix and flip" a home. These would-be buyers typically pay cash, letting them move forward with a buy aggressively. Using pre-approval, you can move almost as quickly as they do.
• More Goodwill from Sellers
  Sellers want to know that their potential buyers are serious. They often won't wait for those buyers who have a long road ahead of them before money is in hand. Pre-approval puts you on equal footing so you have the benefit of the doubt and can negotiate more effectively.
• You Don't Have to Start from Scratch
  Getting the home you want isn't always easy, and you might find your first choice slips through your fingers. If this happens, pre-approval means you don't have to start over from scratch. Even if your initial pre-approval expires, you won't go back to square one.

From pre-approval to closing day, Griffith Realty makes it easier. Our REALTORS® are experts in helping people buy Brighton homes for sale and our surrounding areas.