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Loan Pre-Approval

LOAN PRE-APPROVAL

Once you find the perfect home and decide to make an offer, NO seller is going to seriously consider accepting that offer or start negotiations until they know you've been Pre-Approved and qualified for the loan. AND THEY WANT IT IN WRITING!

In today's competitive real estate market, getting a pre-approved, or better yet, being pre-underwritten gives you a competitive advantage over most buyers interested in the same property. It also levels the playing field with the seller. Now, it isn't a question whether you can buy the home, it's now a question of whether WE can agree on a price & terms, to convince ME to move forward with a contract.

WHAT'S THE DIFFERENCE BETWEEN PRE-APPROVAL vs. PRE-UNDERWRITTEN?

To be pre-approved, the mortgage lender will pull your FICO credit report & scores. They'll also ask you to provide written documentation to verify your finances. Lastly, the lender will take all this information and put it into an automated underwriting system to see if you qualify under the required guidelines for loan approval.

The pre-underwriting process takes pre-approval to the next step. The lender will ask you to submit a formal loan application, along with all the documents & credit report noted above. This info is then submitted to the underwriting department for an UP-FRONT conditional loan approval. With loan approval in-hand, you're only left with clearing the contract contingencies & final loan conditions. Sellers now know you're a Serious & Financially Qualified Buyer! 

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