Getting Pre-Approved for a mortgage. Why does it matter?

Posted by Austin Shumaker on Dec 4, 2018, 7:06:18 AM
Austin Shumaker
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Whether you're thinking about buying, shopping for a home, or have found the home you love, getting a pre-approval is paramount in helping you make a great decision both financially and practically.

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First off, what is a pre-approval? A mortgage pre-approval is a letter from a lender or mortgage broker confirming the size and type of loan you’ll be able to get.

Thinking about buying - Tell your loan officer a bit about your income, assets, and the area you’re looking in. Your personal loan officer will work to find the best program choice that suits your needs, and give you a good estimate of how much you can borrow.

Shopping for a home - Here's where it gets fun. Ready to find your dream home? Here's when your loan officer will verify your income, assets, and liabilities to see what you can qualify for.

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Have you signed a purchase agreement? - Here's when your loan officer moves to lock in your interest rate and moves your file from the pre-approval stages to the underwriting stage to ensure your loan closes on time. Pre-approvals show that you're a serious buyer to the seller.

Experts say that you should get pre-approved as early in the process as possible. This will ensure that when you do find your dream home, you’re not left fumbling and potentially losing out to someone who comes with a pre-approval in hand.

To talk to someone today about getting pre-approved, reach out to us here.

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