
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!