PRE-APPROVAL
Pre-Approval uses basic information as well as electronic credit reporting. It is a true mortgage commitment. This means a commitment to financing your home, and an indication of the total mortgage amount available to you. Obtaining a pre-approval is essential in a “sellers’ market” or when homes are limited.
You will have a greatly improved negotiating position when you are pre-approved for a mortgage. Sellers are more apt to negotiate with someone who already has a mortgage approval in hand. A pre-approvad buyer can also close on a property more quickly.
SIX REASONS TO GET YOUR LOAN PRE-APPROVED
* Being pre-approved for a loan before you look for a home can enhance your position as a buyer and will show the sellers just how serious you are.
*You will be in a better negotiating position, because you’ll be seen as a serious “Cash Buyer”.
*By knowing the amount you qualify for, you can search within the price range that suits your family’s needs.
*You will avoid surprises and save time putting together documents to complete your loan request.
*You will be approved for a full 60 days, with the option to extend at no cost, and minimal paperwork.
*You will avoid that nervous wait for loan approval after you have signed the purchase agreement.
