Consider the advantages of getting a Mortgage Pre-Approval. First of all, the home buyer will have confidence in a price range and confidence in obtaining mortgage approval. In submitting offers to purchase homes, sellers will know they have a serious buyer who has taken the time to arrange for mortgage financing first. And just as important, the buyer will be more relaxed in providing the earnest money deposit, hiring a home inspector to perform the home inspection, termite inspection, radon inspection plus any other required inspections and paying for the mortgage application and appraisal fee. Why? The buyer is now concentrating on the home they are about to purchase, and not worrying about the mortgage approval process.

Most all buyers need to obtain a mortgage loan to purchase a home. Since mortgage approval is such an integral aspect of a home purchase, getting pre-approvel for a mortgage is important since so few buyers are able to buy a home and pay cash.

Based upon our experiences in selling real estate and helping buyers obtain mortgage financing, a Mortgage Pre-Approval is generally a process where a buyer submits a brief application to the lender. The information requested involves a current address and how long living there, a social security number and permission to order a credit report, annual income and the amount of down payment.

After the credit check is ordered and received our lender will estimate the amount of mortgage the buyer can afford and sends (via fax or email) a letter to the buyer with the conditions of pre-approval and the amount of the mortgage the buyer qualifies for.