It is very important to be pre-approved so that when you start bidding on homes, the home seller will be more likely to accept your offer. Here are the reasons why you should request a pre-approval for a home mortgage:
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Pre-qualification 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.
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While a "pre-qual" 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.
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These days most 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.
I work hand in hand with my mortgage partners, which is imperative during the closing process on your next home. If you need assistance getting pre-approved for a home mortgage, please let me know.
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