The Importance of Pre-Approval in the Home Buying Process

Photo Cerdit: Unsplash Embarking on the exciting journey of buying a home? Before you dive headfirst into searching for houses, there is one step that can make the whole process smoother: getting pre-approved for a mortgage.    What is Pre-Approval? Pre-approval is a process where a lender evaluates your financial situation and determines the maximum amount they are willing to lend you for a mortgage. Lenders do an in-depth analysis and consider credit score, assets, financial history, and other details in your finances. This is different from pre-qualification, which is a less detailed preliminary assessment of your finances.    How long does it take to get Pre-Approved? Mortgage pre-approval takes different amounts of time depending on the lender you go through. Typically, you can expect it to take around 10 business days after you send in all of the information needed. For more specific information on timeline and financial information needed, ask your lender.    Benefits of getting pre-approved: Setting a realistic budget: By finding out the maximum amount of money you will be able to spend on your future home, you are able to narrow down your search into houses that fit your budget. This gives you peace of mind as you look at homes, knowing you will be able to afford them! Getting a Competitive Edge: In the real estate world, having a pre-approval gives you a distinct advantage over other buyers. When a seller receives an offer from a buyer with a pre approval, it shows that the buyer has the funds to back the offer and is serious about buying. This can make your offer much more appealing and increase the chances of your offer being accepted.  Expediting the Closing Process: Pre-approval expedites the closing process because the loan process has already begun and the initial financial assessments are completed. This makes the time between your offer being accepted and closing on the house faster, allowing you to get into your new home sooner!  

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Celebrating Mandy's 50th Home Sale: A Remarkable Milestone in 2023

The NAR estimates that there are over 3 million active real estate licensees in the United States averaging 12 transactions per year. In the highly saturated world of real estate, Mandy McLennan has proven herself to be an exceptional outlier. Today, we celebrate Mandy's remarkable achievement of closing her 50th home sale in 2023. As the only agent from our team, aside from Lysi, to reach this milestone, Mandy has not only defied the odds but has also overseen a staggering $40,000,000+ in real estate transactions over the past 11 months. Altogether she has sold over 300 listings and done over $300,000,000 in volume in her 8 years of real estate. With 17 years of experience, Mandy has been an invaluable member of our Lysi Bishop Real Estate team. Beyond her professional achievements, Mandy's motivation stems from a deep passion for the industry and an unwavering commitment to her clients. As a native Idahoan and former Mrs. Idaho, she serves as a knowledgeable resource and one of the state's biggest advocates, well-versed in all that Idaho has to offer. During the challenging times of the recession, Mandy served as a Listing Agent for Bank of America. Her adept negotiation skills and unwavering commitment earned her the trust of both clients and asset managers, making her a go-to expert for navigating short sale transactions. Today, she proudly holds the title of a Boise Regional Realtors Diamond Top Producer. Mandy's expertise extends to her specialization in acreage horse properties, particularly in the Eagle/Meridian residential areas. Her diverse background, including a stint as a rodeo competitor and experience in farming, adds a unique layer to her understanding of the real estate landscape. A testament to her proudest achievement is not only found in the numerous homes she's sold but in the successful upbringing of her children. Mandy takes immense pride in raising hardworking, respectful, and accomplished young adults. At home, she resides in Eagle with her husband, Michael. In celebrating Mandy's 50th home sale, we recognize not only a seasoned real estate professional but a dedicated advocate for her clients and an invaluable asset to the Lysi Bishop Real Estate team. Congratulations, Mandy, on this incredible milestone! Here's to many more successes in the years to come.

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November Market Update 2023

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