How to Get Sellers to Take Your Offer Seriously
Why getting pre-approved can make the difference between getting your dream home and missing an opportunity
Getting pre-approved for a mortgage is one of the first and most important steps when looking to buy a new home. When you are pre-approved, you know how much money a lender is willing to lend you. It’s also a great way to show sellers that you’re a serious buyer who can afford the home. It’s important to get pre-approved early to save you from major headaches later on.
So what is a mortgage pre-approval and how does it Work?
HOW MORTGAGE PRE-APPROVAL WORKS
A pre-approval letter will show the home loan amount that a lender would be willing to lend you.
This is great for two reasons.
PRE-QUALIFICATION VS. PRE-APPROVAL
You may have heard of a pre-qualification before. Many people think a pre-qualification is the same thing as a pre-approval. IT ISN'T!
A pre-qualification doesn’t require the same verification of income and financial stability that a pre-approval does. A pre-qualification can still be helpful to estimate of how much you can afford, but it doesn’t carry much weight when trying to convince a seller that your loan will go through.
A mortgage pre-approval requires you to submit documentation to verify your income, savings, and overall credit worthiness. To be pre-approved you must go through most of the process of securing the final loan. This typically speeds up the loan approval process and makes the home buying process much easier on you and the seller. This, of course, assumes that nothing has changed from the time you got pre-approved to the time when you actually apply for the loan.
Once your pre- approved, you are well on your way to finding AND GETTING your dream home. Click here and we'll show you what it takes to get pre-approved and how to do it.
Download our loan application checklist to help you gather everything you'll need. Just click here.
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The Critchfield Group
121 E. Election Rd,
Draper, UT, 84020
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