7 Reasons we want you to be pre-approved before your Hampton Roads house hunting

Erin Ward
Erin Ward
Published on July 24, 2018

Often when we work with our buyers they are surprised to hear that the first step we want them to take is to get pre-approved with a lender and although it may seem like we might be jumping the gun right at the beginning, we are actually starting your search on the best possible foot.


You wouldn’t make an omelet without eggs so you definitely cannot start your home search without a written approval from lender telling you know how much home you can afford.


A typical mortgage pre-approval uses details you provide to a lender such as your employment history, income and any asset information you may have as well as your credit history. It’s important to provide as much accurate information as you can so that you have a solid pre-approval from your lender.


  1. Pre-Approval vs. Pre-Qualification- We often have buyers tell us that they have a pre-qualification from a lender, and this is often where our buyer’s education process starts. A pre-approval is far more valuable than a pre-qualification. During the pre-approval process (our preferred lenders typically complete pre-approvals in a matter of a few hours) your lender has checked your credit report and verified requested documents. Pre-qualification instead often provides a very loose estimate of how much home you can afford.

  2. There’s no question of how much home you can afford- Nothing is worse than falling in love with a home that you cannot afford, or even frustrated with a search that is a lower affordability bracket and not producing results you want. When you have an accurate picture of the amount you are approved your search will go far smoother.

  3. Powerful offers-Often we find ourselves in a market with less houses on the market than we have buyers for. This means competition. So when you have a pre-approval ready to submit with your offer, you are presenting yourself as a strong buyer among your competition.

  4. Negotiation is key- When you have a pre-approval in hand you also have more leverage to negotiate a strong offer that is acceptable on all sides. Often sellers need to sell their homes quickly and when negotiating with a buyer who has a strong financial background and pre-approval they feel more comfortable that the contract will move forward and close quickly. HRVA Homes Buying

  5. Faster is better- You’ve heard that the loan process isn’t always fast or easy, but when you have been pre-approved you really cut the time down once you’ve made your offer and are under contract getting you to the closing table and in the home of your dreams much faster.

  6. We require pre-approval- Like many other agents we require our buyers to be pre-approved. We are ready to invest countless hours into working with you to find the perfect home and we want to be sure that all of our hard work and yours ends up in that new home!

  7. Call or text us at 757-303-2367 to be connected with our preferred lenders including Chip Simkins at OVM Financial and get pre-approved today.

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