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Do I need to be pre-approved before I find an agent?

Do I need a mortgage preapproval before I find an agent? I have a general idea of budget, so can I start looking at homes while I work on preapproval? Or will an agent not want to work with me if I'm not preapproved?
Asked By Morgan | Santa Ana, CA | 554 views | Buying | Created 10 months ago
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Pro
120 Answers
Amanda Courtney

REP Realty Group

(8)

No, but it definitely helps. A mortgage pre-approval gives you a clear idea of your budget and shows sellers that you’re serious. Most agents, myself included, can connect you with trusted local lenders who can get you pre-approved quickly. You can still talk to an agent first — we’ll help you line up your financing and get you ready to make confident offers.
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Pro
109 Answers
Julianne Clark | Your Lowcountry Compass

Charter One Realty

(48)

If you are not pre-approved -- your agent will recommend that you speak with a lender prior to scheduling home tours. (They may even have some suggestions of local lenders to contact.) Price range is only part of your home search. The type of financing and special requirements (such as closing cost assistance) needs to be know before house hunting. If you qualify for a 100% financing loan -- the condition and location of the home that you can buy with that financing matters. No one wants to fall in love with a house that they cannot buy. If you are a serious Buyer, then getting approved is a very important first part of the process -- otherwise you are window shopping.

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Rising Star
14 Answers
Raquel Penas Fernandez

RE eBroker Group

(15)

It all depends on the type of financing you are searching for. I have a background in lending and although I can't advise on the financing side of the transaction I am able to determine if you need a conventional loan, an FHA loan or VA. If you are looking for a single family home it's not as important but the type of loan if needed if you are looking at condos or townhomes. Some complexes are not FHA/VA approved. You want to make sure you are viewing properties that fit your needs. The short answer is if you are looking at single family properties I usually won't require the pre-approval right away if you are just curious about the market. However if you are seriously looking and want to view homes to hopefully write an offer, then I will ask that you have the pre-approval letter and a breakdown of the monthly payment. The market was moving really fast in the first quarter and you want to be able to write an offer right away once you find the right house.
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Novice
4 Answers
Julia Pickslay

Real Brokerage

(7)

You do not need a pre-approval to find an agent or even to start looking at homes but depending on your market, you might need to have it in hand to get an offer in quickly. Also, mortgage calculators don't tell the whole story and it would be helpful to at least have a pre-qualification to give you the best idea of your affordability.
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Novice
1 Answer
Stefanie Burmahl

eXp Realty

(3)

You do not have to be pre-approved to start looking! I will usually do one or two showings for someone without one. After that I would require one

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