Why Get Pre-Approved?

1. Pre-Approval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.

2. While a Pre-Approval is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.

3. These days sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.

4.  If you want to stand out against other buyers, ask your lender and agent about special programs like looking like a cash buyer or getting a mortgage commitment minus the appraisal BEFORE you find a home.

How to pick a Mortgage Company?

When selecting a mortgage broker, it's crucial to find someone who understands the complexities of innovative loans and can help you navigate a tough seller's market. Innovative loans can offer unique benefits such as adjustable interest rates and low down payments, making them a smart choice for some homebuyers. Moreover, finding a broker who is available on weekends and can provide quick turnaround on preapprovals is key in a competitive housing market. A responsive broker can help you move faster when making an offer on a home and keep you updated throughout the home buying process. Look for a broker with a track record of success and a reputation for excellent customer service to ensure that you have the support you need to make a successful home purchase. By taking the time to find the right mortgage broker, you can save time, money, and stress, while finding the best mortgage solution to fit your unique needs.  Your Realtor is always a great resource for recommendations.