With Buy Owner, you have easy access to the best mortgage rates available through our partner, Guaranteed Rate. So when you’re considering purchasing a home, take the time to investigate your options.
WHAT DOES IT MEAN?
Prequalification: based on what you report for income, assets, liabilities and credit rating.
Preapproval: based on verified data regarding income, assets, liabilities and credit rating.
WHY IS IT WORTH DOING?
Being a prequalified, preapproved buyer allows you to take advantage of the best rate for your needs, enables you to know your spending budget, and makes you more desirable to the seller. Think about it:
THE BEST RATE
Guaranteed Rate does the mortgage legwork for you, meaning you won’t have to waste time calling multiple lenders in search of a good rate. Getting the best rate could save you thousands of dollars over the life of your loan, so it’s really too important not to look into.
IN YOUR BUDGET
Being prequalified (or better, preapproved) enables you to know what you can spend. You won’t waste time viewing/bidding on properties you wouldn’t be able to get a mortgage for.
ATTRACTIVE TO SELLER
It’s simple logic, really. Imagine if you were in the seller’s shoes. Strangers are bidding on your home, asking you to accept their offers and wait on their lending to get processed. Then a bidder comes who is already preapproved-meaning no waiting period to know if they qualify and no risk that they won’t get a mortgage. Wouldn’t it be an easy decision?
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