The Pre-Approval Process

Thanks for joining me today! We have a competitive market. Homes are getting multiple bids; so how do you make your offer stand out?

The most important factor when you place your bid is to be preapproved. Keep in mind this is different from a prequalification. Preapproval means a lender has verified your employment history, income, credit and assets. Your preapproval will determine how much you can spend on a home and will speed-up your application process when you have found the home of your dreams.

There are three main elements a lender will look at during the loan process. They will first check your confirm your employment to verify a stable history and likelihood of continuance. They also want to know what kind of down payment you can make and where the funds will be coming from. Thirdly, they’ll check your credit. Do you pay your bills on time?

It today’s market, it is essential to stand out from other potential buyers. The best way to stand out is with a strong offer backed by a mortgage preapproval. Before you make an offer on any property, get preapproved. Sellers will not take you seriously otherwise and you may lose the home.
If you have any questions, please give me a call!