The Boston2.com Real Estate Blog

Getting a pre-approval is one of the most important steps when it comes to buying a home... And it should be one of the first steps! Getting a pre-approval is not difficult and can take as little as 10 to 12 minutes.

On this video, Jeff & Jason tackle why a Pre-Approval is so important, especially in today's market! Home buyers today often times need a pre-approval in order to just view a property! Let alone needing one to put in an offer and being competitive in today's market.

Transcript of Video:

- Hi, I'm Jeff Chubb with REN network and the CHUBB Realty group, which is brokered by XP Realty. And today we're with Jason Bonarrigo of RMS mortgage. And today we're gonna talk about why is it so darn important in order to get pre-approved. Jason?

- Well, it's everything right now. It's really tough competitive market. I mean, if you don't have a certified pre-approval letter most realtors aren't gonna talk to you, A. And B, you're just gonna be behind the eight ball. I mean, it's such a competitive market. I mean, I had one last week where there was 11, I think 11 to 12 offers on this house.

- We have three. Last week that were that way.

- Did you really?

- Yeah.

- I mean, it's crazy. You just have to be. And again, any good realtor where it's not going to waste their time because they know you're not serious or you haven't got serious yet. So, when they push it and say you gotta talk to your lender or they refer someone they're doing it for your best interest. So you're in the most competitive place to buy a home.

- And, you know, one of the effects, the long lasting effects of COVID is that people have kind of woken up to the aspect, well I don't necessarily want unqualified buyers in...

The pre-approval process can be simple. The first step of the pre-approval only takes ten to twelve minutes when doing it online through a secure mortgage application system. 

You will simply provide some answers to some questions including providing your social security number. These questions are around your current income and other assets that you currently have. 

Transcript of the Video:

- Hi, I'm Jeff Chubb with REN Network. And today we're with Jason Bonarrigo of RMS Mortgage. Jason.

- Jeff. Hey, how are you doing? Thanks for coming.

- I appreciate it, thanks for having me.

- So, today we're going to talk about specifically the pre-approval process.

- Yeah.

- I constantly am hearing from clients, it's just the reason why they're not doing is it's overwhelming. They feel that it is overwhelming, it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- And they don't actually end up taking the first step.

- No.

- And so, you know, tell me, so and I recently did the process, which was pretty seamless and easy.

- Right.

- But tell me, so what is that first step? So we make the introduction to the client and say, hey, it's Jason Bonarrigo, he's the greatest mortgage banker on the face of this earth, right?

- All the time, yeah.

- And at that point you kind of take it away. So, what happens?

- Yeah, obviously I just, you know I thank you for the referral. I reach out to the client and just ask them when the best time to chat is or whether it's over email or a text or obviously on the phone.

- Right.

- As well, I actually prefer it on the phone especially for that initial contact, because again, I get to make them feel...