Mortgage Pre-Approval. Don't Go Home Shopping Without One!

What is a mortgage pre-approval?  It is provided by a licensed lender.  The lender will ask you for information about your income, debt, assets and employment.  Using that information, along with information about your credit history from the 3 major credit bureaus - Equifax, TransUnion and Experian - the lender will determine how much money you are qualified to borrow.

The benefits of a pre-approval include:

- You'll have the ability to determine your homebuying budget.  There is no sense finding a home you love and then finding out you don't qualify to purchase it.

- It lets a seller know you are serious about making an offer.  Without a pre-approval many sellers (and listing agents) won't even look at an offer.  Nobody wants to waste time looking at an offer that may not be able to get to the closing table.

- You can be more confident in your ability to secure a loan when you make an offer.  Having a pre-approval means your lender has given you information about the loan process and what further information you will need to provide in order to get that loan and buy your dream home.

Be sure you use a trusted lender, who will explain things fully to you.  Let us know if you'd like recommendations.  We have a group of lenders we frequently work with, and who we know will work for you!