Five Good Reasons to Get Buyers Preapproved

Five Good Reasons to Get Buyers Preapproved 1. Preapproval helps you know which houses to show. 2. Preapproval facilitates the closing transaction (and payment of commission). 3. Preapproval makes buyers more attractive to sellers because purchase contracts do not have a contingency clause that makes the contract binding only if the buyers qualify for a mortgage. 4. Lenders can detect any potential problems that might make obtaining a loan difficult. 5. Learning about credit report errors, high debt balances, and an insufficient downpayment early may give buyers time to correct the problem before they apply for a loan.