As you prepare to make your next home search, both your mortgage representative and your real estate agent may encourage you to get prequalified for a home loan as soon as possible. Initially, this may seem like just another step in the buying process, so you may not appreciate the urgency that these professionals express to you. However, there are true benefits associated with getting pre-approved for your next home loan.
A Step Toward Loan Approval
When you get pre-approved for a loan, there are no guarantees that your loan request will be approved. However, you can get a solid indication of the likelihood for full approval. You may also learn about any lending challenges that need to be cleared up before your loan can close. With this knowledge, you can get a jump start on addressing those challenges, and you can pave the way for a faster, smoother loan process.
You Can Narrow Down Your Home Search Parameters
You will learn two things when you get pre-approved for a mortgage. These are the maximum loan amount that you qualify for and the mortgage payment for the loan amount that you are interested in. Both of these factors can help you to fine-tune your search for a new home that is affordable for your budget.
Your Offer Could Be Stronger
There is always a chance that you will enter a bidding war for a property that you are interested in. A loan pre-approval tells a seller that you will likely qualify for a mortgage and that you may be more serious about buying a house than a buyer who has not yet gotten pre-approved. Altogether, these factors can make your offer stronger and more appealing to a seller.
The loan pre-approval process is relatively fast and easy, and our loan reps at MortgageDepot are happy to help you with this important step. Contact us today to get pre-approved for your home loan.
Connect with one of our loan consultants to learn more.
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