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Getting Pre-approved for a Home Loan

Three Key Benefits of Home Loan Pre-approval

Pre-approval for a home loan is an estimate in writing of the mortgage amount you will likely qualify for and it is key to the house-hunting process.

Pre-approval works for you and the seller and has 3 Key Benefits:

  1. You will know exactly how much home you can afford before you start looking and how much, if any, cash is required and what your monthly payments will be.
  2. You will get the best financing (lowest rates, most favorable terms, and highest quality of service) as a result of establishing a relationship with a preferred lender in the early stages of your search. A good lender stays on top of your home-buying process and can offer you advice such as how to improve your credit score or save for your down payment.
  3. You can make a stronger offer and beat out the other buyers as a result of being pre-approved. Sellers want to know a buyer can back up their offer with financing and a pre-approval is the best way to do that.

Consider These Two Offers…Which One is the Better Offer?

Buyer A – (NOT Pre-Approved)

  • $250,000
  • Offer contingent on getting financing with no assurance of loan approval.
  • Uncertain ability to secure purchase funds.

Buyer B – (Pre-Approved)

  • $250,000
  • Offer made with lender’s written Pre-Approval letter!
  • Financing GUARANTEED in writing by lender!

Pre-approvals are quick and can often be done online or over the phone in just a few minutes. When you start your home search, be sure to include a recommended lender in the process.

Click HERE to visit our Preferred Lender page and start your Pre-Approval today – get the best loan with the least amount of hassle!

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