Pre-approval, why it is so important?

Especially for first time home buyers pre-approval is very important.

Why? Well there are many reasons.

The first and foremost is disappointment. - After all the searching and viewing of homes to find your perfect home and then to be told that a mortgage of that particular size is out of your price range can be devastating.

Secondly it provides you the size of mortgage you qualify for and any special programs that you may qualify for.

Another advantage to the pre-approval system is a copy of your credit rating and how it translates into the interest rate you will be paying for your mortgage. The interest rate may end up being better than you think!

Basically pre-approving for a mortgage takes the hidden surprises and anxiety out of the home buying process.
 
It is important to note that pre-qualified is NOT being pre-approved. Many people think pre-qualified is pre-approved after a short qualification conversation is had with their local banker. Remember, until you have someone obtain ALL of your personal information and documents that will substantiate your information including the credit inquiry, you do not have a pre-approval. Further, shopping around can quickly damage your credit so you cannot be pre-approved. Since we can do all the shopping for you with only ONE credit check, it is advisable to use a mortgage brokerage.

Contact us today!