Getting pre-approved for a home loan is the first step on your path to becoming a homeowner.
A pre-approval means that a lender has given you a tentative commitment for a mortgage loan. To get a pre-approval, a lender will go over your income, assets and debt to examine your financial situation and help determine how much home you can afford. Once you are pre-approved, the lender will give you a letter of commitment, stating how much money the bank is willing to loan you for a home.
There are many benefits to getting a pre-approval. These can include:
Perhaps most importantly, a pre-approval gives you a competitive edge. In today’s market, it is important to beat out competitive offers and a pre-approval helps you do this.
Our featured pre-approval program, Keys on Time, allows you to shop for a home with confidence knowing you have preliminary approved financing. It will help you beat out other bidders, as a seller knows you have already been pre-approved for financing with a full loan approval with the commitment to close on or before the close of escrow.
Additionally, getting pre-approved makes your offer more competitive and saves you time and money during the process.
Getting pre-approved is simple. Speak to a loan advisor who will walk you through every step of the application for pre-approval.
You may be asked to bring in several documents to start the pre-approval process. This can include:
It’s important to get pre-approved early in the home-buying process. Knowing how much you can afford and having a pre-approval letter will kickoff your home search smoothly. With a pre-approval letter from a trusted lender, you can start shopping for the home of your dreams with confidence.