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4 Reasons to Get Pre-Approved for a Mortgage

Finding the right home can be an exciting, but daunting task. There are many moving pieces that need to line up in order for the process to go smoothly. Unlike pre-qualification, pre-approval means your financial information is verified up front. You will provide a lender with documentation of your taxes, income, and have your credit pulled. The lender is then able to give you a conditional offer that shows what they will be willing to loan you. Below you will find four reasons you should consider getting pre-approved before you begin looking for a home:

You will know your price range
Now you can have confidence in your search for a home because you will know what price range to look at and will be less tempted to fall in love with a house you can’t afford. Keep in mind that the amount that you are pre-approved for may not be what you can personally afford.

You may be able to make an offer more quickly
Because all your information has already been verified, you may be able to put in an offer right away. Being pre-approved may also accelerate the lending process because all of your paperwork will be in order and in the lender’s system.

You may encounter less surprises
Getting pre-approved prior to finding your prospective home can help ensure that you have fewer surprises when it is time to make an offer. Pre-approval will help you be more organized and prepared early in the process and may help in preventing unexpected surprises like a low credit score from delaying your path to homeownership.

A seller may take your offer more seriously
They will see that you have already started working with a lender and know that there is a high probability that you will be approved for the offer that you make.

Starting your home buying process with pre-approval can save you time and heartache. To learn more about the pre-approval process, speak to one of our Mortgage Advisors today.


This article is for general information only and not intended to provide specific advice or recommendations for any individual.