Advantage of Pre-Approval

The advantages of pre-approval are often overlooked because it is much more fun to go out and search for a new home without worrying about how much you can afford. The truth is, getting a letter of pre-approval can keep you from wasting your time, as well as help you to avoid some of the pitfalls in buying a home. The Advantage of Getting Pre-approved

What Is Pre-Approval

Pre-approval means that you’ve met and conferred with a mortgage lender, your credit files have been reviewed, and any questions which the lender may have had, have been answered. Your loan consultant, after consideration, believes you to be credit worthy and qualified to borrow up to a predetermined amount. Based on the information you provided, your loan consultant, or company, will issue to you a letter of pre-approval which shows your borrowing power to home owners. Being pre-approved is not the same as closing on your purchase or your mortgage. The full process will still need to be completed, but your pre-approval will speed up the loan process because most of your information has already been reviewed and will only need to be confirmed. Read more

Written by Randy Tibbetts · Filed Under Financing