What if I change my mind?
That’s perfectly fine.
There is no obligation to purchase a home or use a particular loan program, or lender once you have been pre-approved. In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range, and that you are truly ready to make your move.
The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that.Give us a call when you are ready.
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Why should I be pre-approved for a mortgage loan?
In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and scrutinized more closely.
A pre-approval is designed to identify your loan program eligibility, purchase price limit, and will help you frame your home search. Many sellers will only consider an offer from a buyer with a valid pre-approval from a trusted lender.
What advantage will I have once pre-approved?
You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, you’ll have an advantage over buyers who may not have been through the process.
How long is the pre-approval valid?
Your pre-approval is usually good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2’s, tax returns, ect. The usable life of these documents will vary, yet it is usually safe to say that your approval is good for up to three or four months. As long as nothing changes with your personal financial situation, refreshing your pre-approval is quick and easy if it takes longer to find the right house.