Get Pre-Approved

Why Do I Need to be Pre-Approved to Buy a Home?

Today’s seller will not accept an offer from a potential buyer without a preapproval letter. In the past, many buyers opted for the easier-to-obtain prequalification letter. In today’s market, however, bidding wars are commonplace and a full preapproval letter is a must. The letter must state the lender has not only verified your credit, but your income and assets as well.

Pre-Approval vs. Prequalification

A preapproval differs from a prequalification. With a prequalification, the lender relies on information provided by the buyer, in order to estimate the amount he or she can borrow. With a preapproval, the lender verifies the buyer’s information and documentation to determine exactly how much the borrower can afford. It also establishes the down payment and available loan programs.

In a competitive market, you need all the help you can get. Nothing is worse than finding the perfect house, and missing out because you weren’t preapproved and prepared to make a solid offer. Don’t window shop for a home until you get preapproved by a reputable lender like Sammamish Mortgage.

Ease the Stress of Buying a Home

The process of buying a home can be stressful. Getting pre-approved ahead of time will go a long way in making the process more enjoyable. Providing more documentation upfront decreases the chances of unexpected surprises, or a last minute scramble to provide the necessary documentation. 

The documents needed for pre-approval are many of the same documents required during the actual loan process. While a preapproval is not a loan commitment, it is extremely helpful in speeding up the approval process, once an offer is accepted and a closing date is determined. 

Once your home purchase process is moving forward, you’ll only have to complete the home appraisal and inspection phases and have your loan go through underwriting to reach your final approval.

Don’t Assume You Know Your Buying Power

Many buyers assume they will qualify for the home their neighbor, co-worker, or friend bought. There are many factors, however, that go into determining what home you can afford. Credit history, credit score, a source of income, assets and mortgage history are just a few. Being proactive is crucial. 

It is estimated there are over 40-million errors on credit reports in the US at any given time. Give yourself time to fix any unexpected issues that may arise during the preapproval process. Better yet, be proactive and start investigating your own credit score and disputing errors months before you apply for a mortgage.

Pre-Approvals are Free

Sammamish Mortgage offers free preapprovals. There is no application fee, or fee of any kind, to get preapproved. Click the link below to get started today.

If you’re a buyer who’s ready to find a new home in Washington, Oregon, Idaho, or Colorado, Sammamish Mortgage can help. We’re a local, family-owned mortgage firm based in the Washington area and serve the entire state, in addition to the broader Pacific Northwest region including Oregon, Colorado, California and Idaho. Please get in touch with us with any mortgage-related questions or to get a rate quote.

Working with Sammamish Mortgage

  • We put YOU first. We are committed to getting every client the very best possible deal every single time.
  • Sammamish Mortgage offers some of the most competitive rates in the Nation!
  • Fast and efficient, we close most of our loans in 30 days or less.
  • We offer a variety of loans. Sammamish Mortgage will find you the loan that is right for you!!!

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