Get Pre Approved
Loan Pre-Approval
Everybody believes getting pre-qualified is enough, however if you are serious about finding that perfect home pre-approval is the best way to go. Loan pre-qualification only means that you could POTENTIALLY get a loan for the amount stated to you. The figure given to you is without your credit score and assuming that all information given was accurate. Pre-approval means that you ARE APPROVED. You have undergone the extensive financial background check including your credit history, previous tax returns and verifying your employment. Lenders are willing to give you a loan. The lender gives you a letter that states as such and it is usually valid for approximately 60 days.
Reasons to Get Pre-Approved
1. You don't waste time looking at the wrong houses. Because you know exactly what you can afford you don't waste time looking at houses out of your price range. This is extremely helpful if you are subscribed to automated emails with your Realtor.
2. Because you have less inventory to look at, you obviously have more time to examine the inventory you do have. You are able to devote your energies to little things that matter to you the most.
3. Accompanying your offers with "Pre-Approved" your offers carry much more weight in that sellers will look at your offer much more seriously. Your offer would also be more likely taken before any offer that was not accompanied with a pre-approval letter even if your offer is for a less price.
4. Enjoy a faster less stressful closing period as you take all of the headaches out of closing. Because you do not have to wait on financing contingencies you can close much quicker and do not have to worry about losing your dream home because you do not qualify.
With our knowledge and contacts in the mortgage industry, we'll refer you to a number of lenders that we work hand-in-hand with on a daily basis to ensure you get the best terms and rates. There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans.
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