Why Pre-Qualify?

Photo of a happy couple who pre-qualify for a home loan holding a small wooden house in their hands.

When shopping for a home, you want to represent yourself and your offer in a favorable position. Not only are sellers interested in accepting offers at list price, many sellers also want to be sure that you pre-qualify and your home loan financing has been secured.

What it Means to Pre-Qualify

Most lenders will simply run your credit and gather some information so that they can help you pre-qualify and 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.

Even Better, Pre-Approval

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 requested
  • 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 could be as good as cash and may strengthen your offer above other interested buyers!