Also, when you buy a home, you’ll have pride of ownership, which gives you the ability to do just about anything you’d like to your property. You can paint the walls any color, remodel any room, and do anything you’d like to turn your house into a home. In addition, if you pay private mortgage insurance or PMI, you may be able to deduct it from your taxes and reduce your overall tax burden.
Lastly, owning a home offers a sense of stability for you and your family. You can build long-lasting relationships within a community. This is a particular advantage if you want to feel a sense of belonging or ensure your children have a place where they truly feel at home.
If you’re serious about buying a home, you owe it to yourself to get preapproved. With a preapproval, you can show sellers the size of the home loan that a lender is willing to offer you and the amount you feel comfortable borrowing. While it may be tempting to hold off on the preapproval process until you’re ready to buy, doing so can cost you.
By getting approved sooner rather than later, you can find out where you stand early on and potentially improve your terms. You may also position yourself as a serious buyer and be prepared in the event the perfect property comes your way sooner than you expected. Since preapprovals are free, you have nothing to lose.
