When you’re looking to buy a new home, you need to know how much home you can afford. A pre-approval is an assessment of the financing you can qualify for based on your financial standing. Getting pre-approved is an important step as it shows sellers that you’re a serious and credible buyer.
Getting pre-approved is simple. We just need to verify your credit score and if you meet the guidelines, you’ll receive a pre-approval letter. For a more accurate pre-approval letter to determine how much home you can comfortably afford, you can supply your loan officer with your basic financial information. Most pre-approval letters are good for 60 to 90 days.
Benefits of a pre-approval:
- Provides your loan officer with a more complete picture of your situation to better advise you on your options
- Saves you time as you’ll only be looking at properties you can afford
- Adds to your negotiating power by showing prospective sellers you have been pre-approved for mortgage financing
Contact your 1st Advantage loan officer today to get started on your next home loan!