With a pre-approval in hand, you’ll:
Understand what you can expect from the mortgage process
Gain peace of mind, knowing exactly what you can afford when buying a home
Stay competitive in a tight real estate market.
While every lender’s pre-approval process is a bit different, getting pre-approved will give you a basic rundown of the loan products and interest rates that best suit your needs, along with how much you should plan to spend on your new home. When you’re ready to submit an offer, your agent will include your pre-approval letter with the offer, signaling to the seller that you’re prepared and qualified to secure financing, that you can close quickly, and that you’re serious about winning the deal.