Six Lakes Realty

Do I Need to Get Pre-Approved to Buy a Chetek WI Home?

Starting your home search in Chetek WI is exciting— after all, you’re choosing a new place to make memories and call your own! But no matter if this is your first home or your fifth, the homebuying process can easily get away from you and you will unintentionally skip over a few key steps, including pre-approval.

But do you need to get pre-approved to buy a Chetek WI home?

This important element of the homebuying process shows the seller that you are serious about moving forward with the purchase and have the funds to do so. In order to help your offer stand out from any others that you may be competing with, a pre-approval letter is one way to give yourself an edge.

What is pre-approval?

Not to be confused with pre-qualification, a pre-approval involves meeting with your lender and providing such documents as tax returns and pay stubs to determine your worthiness to take on a mortgage. Based on the information you provide, your lender will then decide to “pre-approve” you or agree to finance your home loan up to a certain dollar amount.

When you need it

Before you begin your Chetek WI home search, it is wise to meet with your local lender to get pre-approved. Not only does this give you peace of mind that you will be able to secure a home loan, but it shows the seller that you are ready to move the process along. In nearly every scenario, pre-approval should be the first step homebuyers take.

When you don’t need it

As I mentioned above, getting pre-approved is a smart step to take if you’re just setting out on your homebuying journey in the City of Lakes. However, there are certain circumstances in which you can skip it altogether. One of those is if you’re paying for your new Chetek home in cash. Buyers making an all cash purchase do not need to provide a pre-approval letter as they will not need a loan and sellers can rest assured that loan financing will not cause the deal to fall apart.

How to start

If you’re ready to get started buying a home in Chetek, you will want to choose a lender— but not the first one you meet! It’s essential to shop around for a lender just like you will a home as not all are the same. Some work with different time frames for closing (some faster than others!) and can provide different interest rates. Find the best fit for you and then move forward with providing the necessary documentation.

Don’t miss this important step in your Chetek WI homebuying journey and as always, feel free to contact Six Lakes Realty with any questions you have about available properties in the area, local lenders, or buying a home!

We look forward to hearing from you!

John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806

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