Why should I get pre-approved?
There are many reasons why you should get pre-approved early in the process of purchasing a home. The most important reason is that the pre-approval will give you an accurate idea of how much you can afford and under what conditions a lender will finance you. This will ensure that you only look at houses that are truly in your price range.
Being pre-approved is also beneficial if you’re in a competitive housing market. When you find the right house you will want to move fast and make an offer. If another pre-approved buyer likes the house and makes an offer simultaneously, chances are the seller will select the other offer because a lender has already given them a high level screening for a home mortgage.
Getting pre-approved doesn’t take long and could require a small fee (depending on the lender) for them to pull your credit score and confirm your credit worthiness. At this stage, it is surely a safe investment of your time and money.
So, having the information on your side will go a long way in making sure you are not wasting your time while searching for your home. All you have to do is talk with one of our lending partners and provide them with any information and/or documentation they require. Once you meet their lending guidelines, you will be once step closer to getting that home you’ve been dreaming of. Go forward and get started!