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Pre-Approval Advantage

Position yourself ahead of the curve

Applying for a loan and obtaining pre-approval with a solid and reputable mortgage lender is extremely advantageous for a buyer before searching for a home.  A standard sales contract states that, “Within seven days after acceptance, buyer shall provide seller a letter from lender or mortgage loan broker stating that, based on a review of buyer’s written application and credit report, buyer is pre-qualified or pre-approved for the new loan.” 

Pre-approval is such a necessary part of the purchase process that many sellers will require a buyer to present a letter even before the final offer is accepted.  Therefore, a smart and serious buyer will always have a pre-approval letter in hand when writing up an offer.  The only exception is when a buyer plans to purchase with cash. 

Loan pre-approval requires completing a loan application with a mortgage lender.  The lender will request  permission to pull a credit report, and will request income verifications.  When approval is granted, the loan officer will issue a commitment letter subject to a specific interest rate, points, and closing costs.  Time limits are usually placed on pre-approval commitments, usually 90 days.  A wise seller will ask a buyer for a pre-approval letter from the underwriter of a direct lender when an offer is placed on their home.   

The advantages of being pre-approved for a mortgage are as follows.  You will be able to:

  • Look for homes in an affordable price range 
  • Avoid the disappointment of deciding on a home that may be beyond a specific budget 
  • Have satisfied sellers who are confident that you can purchase
  • Have one less condition that the seller will be concerned about
  • Close more quickly since the lending aspect of the home purchase process is often the most complex and time-consuming
  • Minimize the anxiety of knowing whether or not you can actually qualify and purchase

Call me at (760) 382-1082 and let’s talk further about getting you pre-approved with the very best lender for your needs!

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