Getting preapproved can have many advantages for home buyers and can even expedite the buying process.

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Some of the benefits include:

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• Determine how much you can afford ahead of time, before you meet with your Realtor
• Get a general idea of what you monthly payment will be, including       property taxes and homeowner's insurance
• Understand all of your down payment options
• Identify qualifying loan programs

• Estimated your total cash to close escrow

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Most importantly, you can improve seller negotiations. The seller may be more inclined to accept your purchase offer when they know you are qualified to buy their home.

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What you need for Preapproval:

 

• Income and Employment History
• Monthly Debts and Credit Score
• Source and Amount of Down Payment and Closing Costs
• Completed Loan Application