Importance of a Pre-Approval:
We strongly suggest getting pre-approved for a mortgage before you start seriously looking for a home, and especially before you put in any offers on the home of your dreams. Buying a home is one of the biggest financial commitments you'll make in your lifetime, so you want to make sure that you put yourself in the best position possible. Coming to the table with a pre-approval letter from a mortgage lender is one of the best and quickest ways to show a home seller that you are a serious prospective buyer.
What is a pre-approval, and what does getting pre-approved really mean?
Pre-approval means that a mortgage lender has looked at your credit profile, income, debts, and assets and determined that they are comfortable extending you a mortgage loan for a certain amount of money. Getting pre-approved for a mortgage loan ahead of time saves you from the worry that once you find your perfect home you won't qualify for a mortgage to purchase it.
What is the value of a pre-approval letter?
Pre-approval letters show sellers that you are a serious. A pre-approval letter is often valuable because it helps you determine your budget and how much you can afford. While you have probably already worked through a budget on your own, knowing how much a lender will extend you will also factor into the homes you look at and how you plan for your down payment and other expenses. Getting pre-approved will also save you time once you find the home of your dreams, as much of the paperwork required during the mortgage process will already have been taken care of by you and your lender.
CityWorth Mortgage is proud to offer quick and easy online pre-approval right here on our website! Visit us online or call us today to get pre-approved and to take the first step towards home ownership!