The process of buying a home can be both a rewarding and an intimidating experience. It can be a complex process, but it does not have to be difficult. If you are on the lookout for new houses to buy in Maryland, the best first step to take is to get approved for a mortgage.

It sounds tedious, but if ever you’re wondering whether it’s a good idea to be preapproved for a mortgage before you begin house hunting, the answer is yes!

Here’s why we think it’s best to get your finances in order before looking for a home to buy:

Advantages of Getting Preapproved for a Mortgage First

1. Helps Agents Know You’re a Serious Buyer

Competition is stiff in real estate. In Maryland alone, a house only stays on the market for an average of approximately 76 days. In busy months like June, houses on sale can stay on the market for as short as 32 days.

When you process preapproval for a mortgage, Maryland real estate agents will look at you as a serious buyer. This is especially useful during a busy season. Real estate agents prioritize potential buyers with a preapproval letter simply because purchase is a high chance.

2. Narrows Your Search

Getting preapproved helps you sort out which homes you can afford and which ones are out of your budget. The preapproval process includes identifying how much lenders are willing to give you. When you have identified the budget that you can work with, it’s easier to filter which houses to visit and consider.

3. Saves You Time

Imagine visiting multiple homes for days only to find out that none of your choices are within your budget. Not only is this discouraging, it also takes so much of your precious time. When you know how much you’re willing to spend, and you’ve already narrowed your choices to the top few, you can allocate your time towards homes with the highest potential.

4. Helps You Focus on the Best Options

With extra time on hand and a shorter list, you get to see your final choices more purposefully. By focusing, you save time and are able to make a more conscious decision.

5. Speeds Up the Buying Process

Since the preapproval process includes gathering all of the necessary financial information, the closing process gets shorter. Like we’ve said, homes don’t stay on the market for too long!

It’s best to note that the preapproval process can take days to weeks, so it’s a good idea to get that out of the way before you start house hunting.

Conclusion

If you’re serious about buying a home in the next three months, get preapproved for a mortgage right now. Besides understanding which homes you can and cannot consider, lenders might also help you see any potential issues with your documents that may affect your purchase in the future.

Need more help? We wrote an article about the five reasons why you should hire a real estate agent in Maryland.

Do not hesitate to contact us for more information.