Why Get Pre-Approved?
1. Pre-approval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage a lender will approve for you. The whole process may take a few days, but the little time invested will be well worth the effort later.
2. While a pre-approval is non-binding to the lender (because the information you provide has not been finalized with an underwriter), it does serve as a strong indication to potential sellers of your general ability to close escrow in an actual transaction.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying, this is the first step towards getting you in your new home.
4. If you don't already have a lender, contact me and I can refer 3 experienced mortgage brokers that you can talk with to help make a decision about who would be right for you to work with to complete your mortgage process.