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Mortgage Basics: The Pre-Approval Process

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Pre-Approval BasicsMany homebuyers are not aware that getting pre-approved for a home loan might just be what gets you them a new home faster. Before you start looking at homes, consider taking the time to talk with a lender or two about getting pre-approved for a mortgage so speed up the closing process and prevent missing the chance to purchase a home if you don’t have the mortgage approval necessary but other bidders do.

What’s Involved in Pre-Approval?

Before you can be pre-approved for a home loan, your credit, income, and debt history will all be checked to ensure you’re a good candidate for financing. This is also where you determine how much money you’re able to bring to the table as a down payment. The process itself is relatively quick and after these checks are completed, you’ll know how much can borrow.

Once you’re pre-approved, you generally have a period of 1 to 3 months to look for and secure a home before further action needs to be taken. You have the option of  locking in your mortgage rate during this time as well, so even if mortgage rates up before you purchase, your lender will still provide you with the better rate.

No matter what amount you’re pre-approved for, you’ll see that getting financing early has a number of benefits.

The Advantages of Getting Pre-Approved

With pre-approval in hand, you’ll be seen as a serious buyer. Sellers often see someone with pre-approved financing as a more attractive candidate than a buyer who submits an offer without having secured a loan. After your offer is accepted and you’re under contract, your pre-approval will also help the rest of the purchase process go smoothly. You won’t need to worry about shopping around for a mortgage or approving for a mortgage as you are trying to close one of the most important deals of your life.

Getting a pre-approval is part of planning ahead when you intend to become a homeowner. Follow some of these steps to help insure you have a smoother home purchasing experience.

 

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