Pre-Approval

Pre-approval means your lender has reviewed your finances and certified you would qualify for a certain loan amount. Below are some major advantages of getting pre-approved as you look for homes:

 

Confidence:

Instead of the rough ballpark figures you’ve been working with, you now know how much money a lender will loan you for your new home. You’ll know you’re not wasting time on homes out of your preferred price range.

 

Strength:

You’re in a stronger negotiating position when dealing with sellers because they know there’s far less chance of a financing issue causing problems. ┬áSellers will find your offers more attractive, because you can back them up.

 

Timing:

Mortgage approval can take time, especially if you need to assemble documentation or resolve questions for your lender. It’s a good idea to start the process early so you can be ready when your offer is accepted and you’re ready to close on a home. Nobody likes to put off a closing date or delay their move-in because of loan details.

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