Home sales jumped by more than 10 percent year over year this August, the largest increase in more than two years.
At 10.8 percent, the seasonally adjusted home sales jump is the biggest since March 2017.
This positive real estate news is in large part thanks to the availability of affordably priced homes. Along with an increase to home sales, inventory is also falling, according to Redfin. The reality is that new listings are unable to keep up with the robust real estate market.
As this competition continues and home inventory declines, a mortgage approval is important as ever.
When you apply for a pre-approval, you will be getting a letter from the lender indicating your buying power. And obtaining a pre-approval isn’t as complex as you think. Just be prepared with proof of income and assets, a strong credit score, employee verification and other documentation that shows the lender you’re ready to buy a home.
This thorough examination of your application allows you to tell the buyer that you’re serious and ready.
A mortgage pre-approval puts you ahead of the competition not only because it equips you with the ability to make a strong offer, but it also allows you to focus your home search. When you have the financial particulars, you’re able to better navigate this active market.
Contact us today with any questions.