5 Benefits of a Pre-Approval
- Shop with Confidence – Be certain how much house you can afford to save you time while shopping!
- Lock-in a rate for 90-120 days – In the event rates are rising, know you have access to your low locked-in rate. If rates are decreasing, you can to take advantage of the lower rates as well – best of both worlds!
- Prepared, Prepared, Prepared – Once you’ve been pre-approved lenders will shuffle your file to the top for underwriting once there is a live deal in play. This means your realtor can write a more competitive purchasing offer by decreasing the amount of time for subject removal.
- Stress-Free Process – provide your mortgage broker with the required documents early during the pre-approval stage, this will keep the home-buying process flowing smoothly.
- Credit Review – Often a credit report will have an past debt that didn’t drop off the report properly. Discovering these errors early during the pre-approval stage will provide adequate time to take the necessary actions with addressing these errors.