Wondering what the big deal about getting approved is? Here’s why you should get preapproved before shopping for a home.
A preapproval letter is more than a prequalification
It’s easy to get prequalified. Just answer a few questions about your employment status, income, and monthly debts, announce your self-determined credit score range, and boom: you can get prequalified.
A prequalification can be quickly overturned however, if any of the information you provide is incorrect or incomplete, or your credit report turns up surprises. Imagine finding your dream home, completing an actual loan application, and finding out you can’t get your loan actually approved for the house you want.
A preapproval letter can move you to the top of a seller’s list
If ten people put in an offer on a house. And five have no loan offer, four have a prequalification, and one has a preapproval letter, a serious seller is going to pay more attention to the preapproved buyer.
That’s because they know you actually have had your information verified, and can back up your claims about your credit score, employment, income, and monthly expenses with documentation that has already been vetted.
A preapproval letter speeds up the home purchasing process
If you have a preapproval letter, you’ve already filled out a loan application, had your credit pulled, and provided most or even all of the documentation to get approved for a home loan. Depending on the preapproval process, an underwriter may have already looked at your file.
This means when you decide to make an offer, you’ll be able to finish the loan process, close on your new home, and move-in in short order. It’s a way to fast-track your home purchasing process.
Sammamish Mortgage Loan Officers Are Standing By to Preapprove Your Mortgage
Are you ready to get preapproved for a mortgage? Don’t be intimidated by the steps required. We can help make the process as easy and stress-free as possible. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.