What is a Pre-approval?

A pre-approval is issued after the lender has reviewed all the necessary documents and analyzed borrowers' credit report, specifying a loan amount that they are willing to lend to the borrowers.

In this competitive market, a pre-approval is crucial for a buyer's offer. Not only does it increase the seller's confidence in buyer's buying power but it also speeds up the loan process later on after the offer has been accepted.

These are the 4 reasons why you should get pre-approved prior to starting your home search.

1. KNOW YOUR BUDGET

Know the exact prices you can afford so you won't waste time on properties that are outside of your price range. Also avoid having insufficient funds by knowing your estimated closing costs upfront.

2. have your credit reviewed

Learn your credit score ahead of time. Identify and resolve any credit related issues that will potentially cause your loan to fall through.

3. stronger offer

Give the sellers the confidence that you are financially ready to purchase the home. Be preferred over buyers that are not pre-approved!

4. close faster!

Pre-approval lets you have your loan package ready to be submitted once the purchase contract is ratified, allowing for a much faster closing.

get your pre-approval today