Getting Mortgage Pre-Approved

Getting Mortgage Pre-Approved

Getting approved for a mortgage | Mortgage Pre-Approval

Getting pre-approved, prior to looking at homes is a good first step for many reasons.

Why should I get Pre-Approved for a mortgage?

  • Having budget numbers pre-determined removes many stresses from the shopping process, freeing you up to enjoy house hunting.
  • In a healthy market like ours, the most desirable homes priced correctly will simply move faster. Having financing in order is a very important first step in being able to submit an offer quickly.
  • Sellers will be more motivated to accept showing request from prequalified shoppers.
  • Having pre-approval in place can significantly speed up the entire closing process.
  • It makes your offer stronger.

Having your financing in order conveys the seriousness of your interest as well as improving your negotiation ability when the perfect property is found.

If you need a local lender, we are here to help.  Let us know if you are a first time home buyer, we have resources just for you!

Getting approved for a mortgage | Mortgage Pre-Approval

What is a mortgage Pre-approval?

This is the process of determining how much money you can borrow to purchase your home. Lenders look at your income, your assets and your credit to determine what loans you might be approved for, how much you can borrow and what the interest rate should be.

What is the difference between mortgage pre-approval and approval?

The pre-approval is what you get when you are shopping for a home and an approval is what you get once your find your home. The lender needs to make sure the property details check out.  They check the appraisal value, they make sure the title is clear and they check on the condition of the home.

Getting approved for a mortgage | Mortgage Pre-Approval

A mortgage pre-approval is the right first step toward buying a home. When your financial information is verified, you will have a good idea of how much you can afford to pay for your new home. By getting approved before the house hunting process begins, will benefit you in the long run.

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