The Importance of Getting Pre-Approved

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 house. So, even after COVID, we're seeing that, people are still requiring pre-approvals in order some sellers are still requiring pre-approvals in order to walk in houses. So, you might not even be able to see some houses.

- Right. Of course. Right. No, of course. And again, it's pretty painless as we've talked about before. I mean, it's not that hard to do it. You call us up, you email us. You text us so we can get that done within 24 hours for you, if not in the hour, if we're ready to go. So it really just depends on when you're ready to move and when you're ready to be committed to the home buying process.

- Right. And that's what the aspect is, it's always fun to go out and look at some houses. Right? And the pre-approval process, as we've talked about really only takes 10 to 12 minutes. For that initial aspect of it. Right? So we're not talking about, moving mountains here. Which I think a lot of people get really nervous about. But yeah it is so paramount, important in order just to see houses. But also when you wanna make that offer you need the pre-approval. So let's just say, if I didn't have a pre-approval and I saw my dream house, okay, how long is it going to take me to get pre-approved.

- Well, how about if we just back it up and say you're probably not going to get that house because it's going to be sold in a day.

- Okay.

- Which is another stressful. We have to make that point. And that's again, why before you even go out shopping you have to have that certified letter. But again, the answer your question, we can do it in a day. We can do it in an hour, if you really ready to go and we get on the phone and we talk we can bang that out.

- And really hammer out.

- And hammer it out. I've done that for you and your team. In less than an hour, if we have to. We usually like to do 24 to 48 hours if the client's getting me what we need.

- Right. And you say that though, but I'm working with a client and they made the mistake and not talking with you. And it was the weekend. They absolutely loved the house. And I was like, "Okay, but how are we doing with that pre-approval process?". They loved it. And they said... I won't say their name, company, mortgage company. They're closed on the weekends. So I can't get this. And you know what? We lost the house by Monday.

- Yeah. I mean, I don't love working on the weekends but it's part of my job. I have two active children as do you. So, but you know, you call, you text and that's what you do for your... A, for your referral partners. And of course, for your clients. I mean, you have to do it. And again, to avoid all that, let's do that beforehand because it just gives you such peace of mind to have that certified letter. And then you go out shopping. And if you see your dream house, Jeff put the offer in I'm ready to go.

- Right. Well, thanks so very much. And that is why it's so important in order to get pre-approved before you go out and shopping. But if you're just starting shopping, just do it then. Just do it before you're ready to put in an offer. Is really what I think what it ultimately comes down to. So thanks for watching. If you have any finance questions please reach out to Jason. What's your phone number?

- 617-413-5038

- And for all your questions in regards to home shopping that's what we're here for. My team, Jeffrey Chub and the CHUBB Realty group. We can always be reached at 617-480-2600. Or visit us online at Thanks for watching. And we look forward to hearing from you.

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