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You’ve been waiting patiently, you have been saving every penny, making sacrifices to ensure your finances are in order. The time is finally here to start looking for that house you have always wanted. You followed all the advice you can remember, but now that you have finally arrived, what do you do next? This article will explain more.
If you are thinking of buying a home, your very first move should be to get pre-approved for a mortgage. This is true even if you are not quite ready to buy just yet.
As a family-owned Mortgage Company with experience in the industry since 1992, without a doubt, your very next stop should be a planned visit with a reputable, locally licensed mortgage professional to obtain a mortgage pre-approval. It’s a simple step, but one that often gets skipped or overlooked.
What is a pre-approval, and how long does a mortgage pre-approval take anyway? A mortgage pre-approval is nothing more than a letter from your lender representing you as a great candidate for a home mortgage loan.
A mortgage pre-approval letter states that your lender has taken the time to review your income, assets, expenses, and credit to find that you would be the perfect customer. In other words, it lets the seller know you can actually buy the property.
Sounds complicated. How long will a mortgage pre-approval take? Some folks may be a little timid about approaching a lender for pre-approval. Others may skip the step altogether in their excitement to find that perfect property, thinking a pre-approval will take too long.
However, what good does it do to jump the gun when you won’t be able to make a viable offer without a mortgage pre-approval letter? In many of the nation’s more competitive markets, skipping pre-approval could really limit your options.
Frequently, homes see multiple offers, and if you are not ready to throw your offer into the ring, you could lose the opportunity altogether. That said, obtaining a home mortgage should be a painless process. So, exactly how long does a mortgage pre-approval take, does it take longer in some states than others, and just what information will you need to provide?
Let’s dispel some worry right now. Obtaining a mortgage pre-approval should be a painless process. In most cases, it will take no more than a day or two to obtain a pre-approval letter so you can start shopping for your new dream home. Let’s take a closer look and shed some light on how long it takes to get a pre-approval and why.
The golden rule of personal and family financing is to do your homework. Go ahead and dig in. It’s time to source out a few reputable lenders to choose from (make sure you feel comfortable with the candidate you select, they will be guiding you through the financial process of your home).
Once you have decided on a few lenders, get some quotes. You can do this without a “hard” credit pull since the quote is based on basic unsubstantiated information you have provided the lender.
Perhaps it’s a good time to back up for a second and quickly point out the difference between pre-qualification and pre-approval.
Now that the difference is clear, you can see why a mortgage pre-approval is absolutely necessary. Here’s another article for a deeper dive into the differences between mortgage pre-qualification and mortgage pre-approval. Let’s take a look at a few simple hacks that will help make the process move faster.
What slows down the pre-approval process? For the most part, any delays are usually due to the customer or borrower trying to locate the right documentation. The good news is, that’s a fairly easy problem to plan for and avoid.
It may be helpful for you to create and complete a personal mortgage pre-approval checklist. This will ensure an easy, smooth, quick, and painless mortgage pre-approval by already having the documents in hand. A few must-have documents include:
Speaking of your credit, if you don’t already know your credit score before you start the pre-approval process, it’s probably time to take a look. With a host of reputable online resources, you can start monitoring your credit right away. Ultimately, it’s important to act quickly to remedy any anomalies asap, so it doesn’t interfere with or delay pre-approval.
Are you curious about mortgages, or are you ready to apply for one to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
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