What makes some homebuyers more attractive to sellers than others? In a word: Pre-Approval.
In a competitive marketplace, sellers know pre-approved buyers have the resources to make the purchase because the buyer has been through the pre-approval process and has the mortgage lender’s backing.
This is important to the seller, because a pre-approval gives buyers a commitment from their lender for a specific loan amount. It helps buyers act quickly when they find the perfect home and helps them negotiate on price. It can also be a deciding factor for sellers who receive multiple bids.
Think you’re ready for pre-approval? Here are a few things the mortgage experts at Resource Financial want you to know:
- If you’re fairly certain you want to buy a home within the next 90 days, getting pre-approved for a loan makes sense.
- In order to get pre-approval, your mortgage banker will pull a copy of your credit history and review your application information and other documents you provide. This information is only good for a limited period of time – that’s why 90 days out is recommended.
- You may be required to pay an application fee and prepay for the home appraisal and other costs, so make sure your mortgage banker gives you these costs in advance.
- The costs or fees to be paid at the mortgage closing are also determined at this stage; make sure your mortgage banker provides an estimate of those costs.
- You will be asked to provide some personal information and financial documents, including detailed proof of your income for the past two years.
- Contact your mortgage banker at Resource Financial Services today to begin the process. We can walk you through the process and in many cases have you pre-approved for your home loan in the same day.
Resource Financial Services is here to make people’s dreams of home ownership a reality. That’s why our experienced mortgage specialists work hard to educate homebuyers about the wide variety of loan programs that can be tailored to meet individual financial needs. We offer quicker closings, same-day pre-approval and guaranteed lower rates.
We’re excited to help you find your home, find your loan and get cash back. Start searching for the home of your dreams online at rfsmortgage.com. Call us today toll-free at 877.797.4545 to speak with one of our mortgage bankers.