Here’s Why You Should Think About Getting a Mortgage Pre-approval

Buying a home and applying for a mortgage comes with different processes that require a good amount of effort and preparation.

Preparing for these processes are critical. If you don’t put effort into preparing, it could compromise how smoothly these processes would go.

Since buying a home is probably one of the biggest investment you’ll embark on, it’s smart to really take time to prepare everything you need.

One of the home buying processes you need to prepare for is the mortgage pre-approval.

Today, a lot of homebuyers usually decide to forgo this step but there are good reasons why you should consider getting one.

What is a mortgage pre-approval?

A lot of homebuyers confuse pre-approval from pre-qualification. It’s important to point out that one is different than the other.

For one, getting pre-qualification process means that lenders will look at your financial information and give you an estimate of how much mortgage you will qualify.

A mortgage pre-approval, on the other hand, entails a lender checking and verifying your financial information and credit-worthiness.

After that, lenders will give you the exact amount of how much mortgage you will qualify if you get approved of one.

To see the importance of getting a mortgage pre-approval, here are some of the reasons why it can help your homebuying journey.

See if you can qualify for a mortgage.

You will know what you can afford

If you decide to get a pre-approval, you will know how much mortgage you’re going to take. Therefore, you will have a definite budget in mind when it comes to buying a home.

Knowing your budget will help narrow down your choices to what you can afford. With that in mind, you’ll possibly be able to save time during house hunting.

You’ll get ahead of the competition

Here’s the fun part. Sellers are more likely to lean towards homebuyers who are pre-approved for a mortgage over those who aren’t. That’s because sellers will get the impression that you’re a serious buyer.

In a competitive housing market, you would want to get ahead to increase your chances of buying the house you really want.

Become a homeowner today.

You will have time to improve on being credit-worthy

A mortgage pre-approval is like your window to what lenders will look into when you have your mortgage approved.

By considering pre-approval, they can point out some areas where you can work on and improve your credit-worthiness.

While there’s no guarantee that you’ll get approved, a mortgage pre-approval is your chance to make sure that it really happens.

In the end, preparing for home buying and mortgage application does not entirely promise a stress-free journey. However, you can definitely do something to reduce the hurdles you might face along the way.

With a mortgage pre-approval, you’ll have better chances of reducing those hurdles. In achieving that, you’ll definitely become one step closer to becoming a homeowner.

Before you know it, you’ll be sitting in your new living room and appreciating the home you successfully bought for your own.

Click Here to Get Matched With a Lender»

Get started today!

It only takes a few minutes to get started and best of all, it’s completely free. Get started finding the best mortgage options for you now.

Start Here

When inquiring about a loan on this site, this is not a loan application. This is not an offer to lend and we are not affiliated with your current mortgage servicer. Upon the completion of your inquiry, we will work hard to match you with a lender or lenders who may assist you with an official loan application and provide loan product eligibility requirements for your individual situation.

When applying for a loan, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved. Minimum credit ratings may vary according to lender and loan product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee. Any loan product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the loan product.

This site is in no way affiliated with any news source or government organization and is not a government agency. Not affiliated with HUD, FHA, VA, FNMA or GNMA. This site may contain affiliate and partner links. This website and the company that owns it is not responsible for any typographical or photographic errors. If you do not agree to our terms and policies, then please leave this site immediately. If you submit your mobile number on this website you agree to receive marketing based text messages. Consent is not required for purchase. You will receive up to 4 messages per month. Standard text and data rates may apply. Reply STOP to stop & HELP for help.

Contents of this website are copyrighted property of the owner of this website. All trademarks, logos, and service marks (collectively the "Trademarks") displayed are registered and/or unregistered Trademarks of their respective owners.

In the event that you discovered this website through an advertisement, such advertisement may consist of stock photos, images, video or other publicly available resources. Any spokesperson used is an employee of the advertiser that owns and operates this website and is not a paid spokesperson or influencer.

© 2019 Mortgage.Info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.