When shopping for a home, you want to represent yourself and your offer in the most favorable position as possible. Not only are sellers interested in accepting offers at list price, many sellers also want to be sure that you are qualified and your home loan financing has been secured.
Most lenders will simply run your credit and gather some information so that they can provide you with a pre-qualification letter. This pre-qualification letter does NOT secure your financing – it’s a preliminary approval subject to the verification of your assets and credit. A pre-qualification letter will not give you the leverage you need to get your offer accepted.
At Big Valley Mortgage, we “by-pass” the pre-qualification step and actually process your loan application. By processing your loan application up-front, we can get your loan pre-approved and secure your financing.
A pre-approval includes:
- Gathering all of the documents needed
- Evaluating your credit
- Verifying your employment and assets
- Submitting to underwriting
- Identifying and addressing potential challenges
- Issuing a formal intent to loan the funds
From the seller’s perspective, an offer with a pre-approved loan is as good as cash and will strengthen your offers above other interested buyers!