United Atlantic Mortgage in Virginia wants to help our customers understand the pre-approval process. We know it can be complicated and confusing, and that’s why we’re here.
What Does Pre-Approval Mean?
Pre-approval occurs when a potential buyer’s finances are evaluated to determine whether they qualify for a loan, and if so, the maximum amount of that loan. Taken into consideration are the potential buyer’s credit score, credit report, income, and more. If any of these factors change dramatically between the pre-approval and the purchase, than the approval and loan are also subject to change, or even be revoked.
A pre-approval request may take minutes, days, or weeks to process, depending on multiple factors, and sometimes a nonrefundable fee may be required.
Why Get Pre-Approved?
While you don’t always have to get pre-approved in order to start shopping for your dream home, it tends to make the entire process quicker, smoother, and easier for all. Learning whether you’re approved, and how much to expect, can help you and your realtor determine your price range and which houses to consider. Getting pre-approved also demonstrates to realtors and sellers that you’re serious in your search — and able to follow through on a purchase!
Before you ask a realtor to spend days searching for your next home, and driving you to view the candidates, spend a few minutes and request your pre-approval. Not only will it streamline the process, but you also strengthen your negotiating power when you have a clearer idea of what you can and can’t afford.
Submit your Pre-Approval Request early, and get started today on finding your dream home.