Get A Pre-Approval

by Jill Bennett

Here’s a summary of the key points about getting pre-approved for a mortgage and choosing a legitimate lender:

Importance of Pre-Approval

1. Market Dynamics: In today’s competitive real estate market, pre-approval is essential to secure your dream home. Waiting until you’ve found a property to get pre-approved is often too late.

2. Pre-Approval vs. Pre-Qualification:

• Pre-Qualification: A preliminary estimate based on general financial information. It’s not verified and holds little weight.

• Pre-Approval: A verified process involving an application, credit check, and documentation of employment and assets. It confirms the maximum loan amount and enhances your credibility as a buyer.

Benefits of Pre-Approval

• Shows sellers you’re a serious buyer.

• Confirms your purchasing power.

• Strengthens your position in competitive bidding situations.

Choosing a Legitimate Lender

• Reputable Options: Consider banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and established online lenders.