This last year has presented a myriad of challenges, with the global pandemic impacting virtually every market and industry, often in unfavorable ways. Yet some markets have remained largely unscathed throughout the turmoil.
One such industry is the US housing market. The current real estate climate is one that highly favors sellers, with annual price growth outpacing that of years prior. According to the NY Times, price growth for the USA real estate market isn’t just trending upward, it’s set to hit record highs even as inventory continues to decline.
Although ideal for sellers, this situation poses unique challenges for buyers seeking to purchase a home. This month, top producer for leading mortgage technology and services provider Guaranteed Rate Affinity, Dean Scaduto discusses the importance of the pre-approval letter for those looking to buy a home in today’s market.
The Importance of Getting Pre-Approved
Limited inventory and growing demand is a seller’s dream come true, but a bane on those seeking to purchase a home in 2020 and beyond. This formula is the perfect recipe for higher prices and increasing pressure from sellers for buyer’s to come to the table ready to close.
Dean Scaduto stresses the importance of starting the pre-approval process for a mortgage early. “Fall and winter weather might be just around the corner, but competition for homes is heated up. Buyers who connect with a loan officer early are often able to pull the trigger on their dream home quickly, and set themselves apart when multiple offers are on the table.”
Benefits of a Pre-Approval Letter Include:
- Provides buyers with an accurate representation of how much mortgage they can afford
- Enables buyers to fast-track closings and to move quickly on their dream home
- Establishes credibility as a ‘buyer’ and shows sellers they are serious
- Can help buyers stand out in multi-offer scenarios
The Right Loan Officer Makes a Difference
According to Dean Scaduto, partnering with the right loan officer can make a real difference in getting pre-approved for a mortgage, as well as the mortgage rate, terms and amount of financing available. As Dean states, “Not all pre-approvals are the same. It’s important that real estate agents know the loan officer that issued the pre-approval. When an agent sees my name on a letter, they know that the buyer has been fully documented and vetted out by my team.”
As a leading producer for Guaranteed Rate Affinity, Dean has built a reputation for his steadfast commitment to client success. He takes a consultative approach, taking time to fully understand his client’s financial position, history, projections, and goals. With this information, he works with them to discover opportunities to improve their position for optimal pre-approval terms.
About Dean Scaduto: VP of Mortgage Lending
Dean runs a mortgage team in New Jersey, and with decades of professional experience, he brings a wealth of knowledge and expertise to the table. His client-centric approach focuses on developing unique strategies and customized solutions for his clients’ goals. Dean works with homebuyers as a guide and consultant, helping them through every stage of the mortgage process, coordinating with real estate agents and other professionals as needed to make sure the experience is fast, efficient and hassle-free.
Those interested in learning more about getting pre-approved pre-approval or in working with Dean Scaduto and his team are encouraged to reach out online or by calling 201-560-8304.
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