If buying a home is one of your goals for 2027, now is a great time to start preparing.
Getting preapproved before the new year can help you get ahead of the spring homebuying season. While many lenders offer preapprovals that are valid for 30 to 90 days, Core Bank’s preapproval is good for up to 120 days. That gives you more time to shop for a home, understand your budget, and take advantage of opportunities when they come up.
Instead of spending the first few months of the year gathering paperwork and figuring out financing, you’ll already have those steps out of the way and be ready to start your home search.
TOPICS COVERED:
-
Get Ahead of the Spring Homebuying Rush
-
Motivated Sellers Can Create Opportunities
-
Give Yourself Time to Improve Your Financial Picture
-
Gain Clarity on Rates, Payments, and Loan Options
-
More Time to Work With Your Lender
- Start Planning Now
Get Ahead of the Spring Homebuying Rush
The housing market tends to follow a predictable pattern each year. According to the National Association of REALTORS®, the busiest homebuying season typically runs from April through June. During those months, competition is often at its highest, homes sell more quickly, and prices tend to rise. Home prices are typically about 16% higher in June than they are during the winter months.
Spring usually brings more homes to the market, but it also brings more buyers. That can mean multiple offers, bidding wars, and more pressure to make quick decisions.
Starting your search in January, February, or March may give you a chance to shop with less competition while inventory is beginning to grow. If the right home hits the market, a preapproval can help you move quickly.
Motivated Sellers Can Create Opportunities
Many homeowners choose to list their homes during the busy spring and summer months. Sellers who list during the winter often have a specific reason for moving.
A job relocation, downsizing, a growing family, or another life change may mean they want to sell sooner rather than later. Every situation is different, but some sellers may be more flexible when it comes to price, repairs, or closing timelines.
Being preapproved can help you act quickly when opportunities like these come along.
Give Yourself Time to Improve Your Financial Picture
One of the biggest benefits of getting preapproved early is having time to address potential issues before you’re ready to make an offer.
During the preapproval process, your lender will review items such as:
- Credit history and score
- Debt-to-income (DTI) ratio
- Income and employment history
- Available funds for a down payment and closing costs
If there’s room for improvement, you’ll have time to pay down debt, build savings, correct errors on your credit report, or work through other concerns before you start seriously shopping for a home.
A preapproval letter can also strengthen your offer by showing sellers that a lender has already reviewed your financial information.
Gain Clarity on Rates, Payments, and Loan Options
Many people think a preapproval only tells them how much house they can afford. In reality, it’s also an opportunity to better understand your financing options.
A preapproval can help you learn more about:
- Estimated monthly payments
- Loan term options
- Down payment requirements
- Available mortgage programs
- How changing interest rates could affect your payments
Interest rates may change between now and when you’re ready to buy, but understanding your options ahead of time can make the decision process much easier when the right home comes along.
More Time to Work With Your Lender
Spring is usually the busiest time of year for homebuyers. That means lenders are often managing a higher volume of applications, approvals, and closings.
Getting preapproved before the new year allows you to start the conversation during a slower season. You’ll typically have more time to ask your lender questions, discuss loan options, and understand what to expect throughout the process. You can also take time to review your budget, talk through different financing options, and make a plan before the market gets busier.
Start Planning Now
If buying a home is one of your goals for 2027, getting preapproved before the new year can help you get a head start.
With a Core Bank preapproval that’s valid for up to 120 days, you can begin planning now, work through any financial concerns, and be ready when the market starts picking up after the holidays.
When the right house comes along, you’ll already be one step ahead.
–
Preapproval is not a commitment to lend and is subject to final underwriting approval, satisfactory property appraisal, clear title, and other conditions
Homeownership Resources
At Core Bank, we want you to feel confident in whatever stage of homeownership you’re in. Whether you’re considering buying, getting ready to sell, or just upgrading your space, our mortgage team of professionals is ready to assist you.
