The Power of a Pre Approval

What is Mortgage Pre-Approval?

Mortgage pre-approval is when a lender has reviewed your finances and determined how much you're qualified to borrow. A keyword to help better understand is “confidence”. A pre-approval from a bank gives both the buyer and seller confidence that the buyer will be able to afford and close on the purchase of the home.

3 benefits of Pre-Approval:

It lets you know what you’re working with.
There are so many factors that come into play when you are searching for a new home, but one of the biggest is your budget. With a mortgage pre-approval, you are able to make sure that any home you are looking at is within your budget limit.
It makes you a more attractive buyer.
With a mortgage pre-approval the seller sees you as a more reliable or serious buyer with appropriate financing and having started your due diligence.
You can be more secure in your ability to close the deal
Closing a house takes 30-45 days and with a mortgage pre-approval you can speed the process up because you’ve already taken care of step one in getting the bank important documents they need for the loan process.

To be approved you need these 5 things:

Proof of income

Proof of assets

Good credit

Employment verification