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Getting approved for your mortgage is the most important
step in securing your next home. Many factors contribute to
the decision including your credit, your work history and
previous payment history with other mortgage companies or
landlords.
To find out more about ways to improve your credit, visit
our credit center.
A great way to avoid the potential hassles of not obtaining
the proper financing when buying your home is to apply for
preapproval before searching for your home.
A preapproval is your lender's written commitment to finance
your home purchase up to a specific amount. Getting preapproved
is a smart move for serious homebuyers because it shows sellers
that you come to the negotiating table ready to complete the
transaction.
Preapproval vs. Prequalification
A preapproval indicates that a lender has taken a detailed
look into your financial background and has committed to lend
you a certain amount of money, pending specific property details.
Because preapproval includes a credit check, it's more powerful
than a prequalification letter, which generally only estimates
what you can afford based on information you've provided.
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Benefits of Preapproval
Preapproval removes many headaches from the homebuying process.
With preapproval you can:
- Find and correct any potential problems that may delay
your ability to obtain financing
- Shop for homes under a specific price range you know you
can afford
- Become a more attractive buyer to a potential seller and
take advantage of the special offers many sellers have.
Why Preapproval?
The benefits are many to preapproval while the drawbacks
are few, if any. Obtaining a mortgage is something that you
will have to inevitably do before buying your home, so it
makes sense to get it out of the way early to obtain its benefits.
How to become preapproved?
The process is simple, just fill out the information on our
online forms and Financial Partners
will help you with this very important step. It is quicker
and simpler than you may believe, so just sign up online
and we will help you get the home of your dreams very soon.
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