{"id":1862,"date":"2022-08-23T10:00:18","date_gmt":"2022-08-23T17:00:18","guid":{"rendered":"https:\/\/www.discoveryhomes.com\/blog\/?p=1862"},"modified":"2025-02-19T18:11:34","modified_gmt":"2025-02-20T01:11:34","slug":"benefits-of-getting-preapproved-for-a-home-mortgage","status":"publish","type":"post","link":"https:\/\/www.discoveryhomes.com\/blog\/benefits-of-getting-preapproved-for-a-home-mortgage\/","title":{"rendered":"Benefits of Getting Preapproved for a Home Mortgage"},"content":{"rendered":"\n<p>If you plan on buying a new home in the Bay Area this year, your first step should be getting preapproved for a mortgage \u2013 yes, even before finding a real estate agent or looking at homes. <\/p>\n\n\n\n<p>We\u2019ve covered the <a href=\"https:\/\/www.discoveryhomes.com\/blog\/beginners-guide-to-mortgages\/\">ins and outs of home mortgages<\/a> and even how to <a href=\"https:\/\/www.discoveryhomes.com\/blog\/how-to-qualify-for-a-mortgage-when-youre-self-employed\/\">qualify when you\u2019re self-employed<\/a>, but getting preapproved comes with certain benefits.<\/p>\n\n\n\n<p>Here are 3 crucial benefits you\u2019ll enjoy by going through the preapproval process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Defined home search<\/h3>\n\n\n\n<p>There is a lot to consider when you\u2019re looking for a new home: location, home type, must-have features, and amenities, all of which depend on how much you can afford. <\/p>\n\n\n\n<p>Since the preapproval process is a thorough financial review\nof your income, debt, and credit history, you\u2019ll know the maximum amount you\u2019re\nqualified to borrow. <\/p>\n\n\n\n<p>While you don\u2019t need to borrow the full amount, you can use the\nbank-provided number to determine your ideal price range. Knowing your\nhomebuying budget means you won\u2019t waste time looking at homes that are out of\nyour price range. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Perceived as a serious buyer<\/h3>\n\n\n\n<p>Mortgage preapproval sets you apart from other home buyers. Getting\npreapproved isn\u2019t required but it helps to make you a more attractive buyer. In\nfact, some real estate agents won\u2019t show homes without a preapproval letter. Likewise,\nin an extremely competitive market, sellers are more likely to lean towards\npreapproved buyers since there\u2019s less risk of the deal falling through due to\nfinancing. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Faster closing process<\/h3>\n\n\n\n<p>You\u2019ve found the right home and the seller accepted your offer. Congratulations! Now is the time to go through the closing process to finalize the deal. Closing on a home usually takes between 30-45 days but can sometimes take longer. Being preapproved can speed up the process since you\u2019ve already secured financing. <\/p>\n\n\n\n<p>Going through the preapproval process takes time but is worth the effort. Many Discovery homeowners have worked with our <a href=\"https:\/\/www.discoveryhomes.com\/get-pre-approved\">lending partners<\/a> in their home-buying process. We\u2019re confident they will be able to assist you in finding a home loan that\u2019s right for you. <\/p>\n\n\n\n<p>We hope you\u2019ll consider buying your next home from Discovery Homes. We build new construction homes throughout the Bay Area that are perfect for families of all sizes. Visit us online at <a href=\"https:\/\/www.discoveryhomes.com\/\">DiscoveryHomes.com<\/a>&nbsp;to learn more about our new home communities, view virtual tours, schedule an appointment, and more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you plan on buying a new home in the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1863,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[83,293,314,115,116],"class_list":["post-1862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homebuying-tips","tag-financing","tag-first-time-homebuyers","tag-home-financing","tag-homebuying","tag-homebuying-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Get Preapproved: The First Step to Your Dream Home!<\/title>\n<meta name=\"description\" content=\"Learn why getting preapproved is vital in your home buying journey. Tips from top home builders to ease the process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.discoveryhomes.com\/blog\/benefits-of-getting-preapproved-for-a-home-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Get Preapproved: The First Step to Your Dream Home!\" \/>\n<meta property=\"og:description\" content=\"Learn why getting preapproved is vital in your home buying journey. Tips from top home builders to ease the process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.discoveryhomes.com\/blog\/benefits-of-getting-preapproved-for-a-home-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Discovery Homes Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-23T17:00:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-20T01:11:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.discoveryhomes.com\/blog\/wp-content\/uploads\/2022\/08\/iStock-1182227785.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2309\" \/>\n\t<meta property=\"og:image:height\" content=\"1299\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/#\\\/schema\\\/person\\\/0015dc1dfad2af59b51d1234695de4a9\"},\"headline\":\"Benefits of Getting Preapproved for a Home Mortgage\",\"datePublished\":\"2022-08-23T17:00:18+00:00\",\"dateModified\":\"2025-02-20T01:11:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/\"},\"wordCount\":411,\"image\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/iStock-1182227785.jpg\",\"keywords\":[\"financing\",\"first time homebuyers\",\"home financing\",\"homebuying\",\"homebuying tips\"],\"articleSection\":[\"Homebuying Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/\",\"url\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/\",\"name\":\"Get Preapproved: The First Step to Your Dream Home!\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/benefits-of-getting-preapproved-for-a-home-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/iStock-1182227785.jpg\",\"datePublished\":\"2022-08-23T17:00:18+00:00\",\"dateModified\":\"2025-02-20T01:11:34+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.discoveryhomes.com\\\/blog\\\/#\\\/schema\\\/person\\\/0015dc1dfad2af59b51d1234695de4a9\"},\"description\":\"Learn why getting preapproved is vital in your home buying journey. 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