All About Mortgage Pre-Approval

Getting pre-approved for a mortgage is a great first step towards ensuring a smooth and successful home purchase. Your credibility as a buyer is bolstered, your hunt for a new house is aided, and the closing process is accelerated.

Here’s Why:

  • You’ll know what you can afford. Getting pre-approved before you shop is imperative, as it allows you to shop within your price range.
  • It gives you negotiating power. Having a pre-approval always puts you ahead of a buyer who doesn’t. This is a game-changer when you’re in a bidding war with others
  • It makes your offer more relevant. When the seller knows that your information has been reviewed by a mortgage underwriter, it makes everyone involved more confident — and gives your offer more significance.
  • It will help you save, not spend. When you’re in the market for a new home, it’s easy to get caught up in the excitement of making purchases. Having the details on your new home’s interest rate, closing costs and down payment will help you curb your urge to buy outside of your budget.
  • You’ll get the keys faster. Getting pre-approved upfront makes everything else move quicker. You’ll close faster, which means you’ll move in faster!

What are the Steps in Pre-Approval for a Mortgage Loan?

Pre-Qualification

Your first step in getting a mortgage should be to get pre-qualified. Learn how much of a loan you might be able to get with this handy calculator. You should start by giving your mortgage professional a full picture of your financial situation, including your debt, income, assets, etc. An estimated loan amount will be provided by the mortgage lender following their examination of the submitted documents. There isn’t much to it, and it just takes a few days of business time to complete.

Pre-Approval

Getting pre-approved is a more extensive process than getting pre-qualified. Your Jacksonville mortgage lender will need access to your whole financial picture and credit report once you apply for a loan. If you apply for pre-approval, you can find out how much money you can borrow, how much your monthly payments will be, and what interest rate you can anticipate paying. Preapprovals for home loans usually last for 90 days.

Benefits of Pre-Approval

Improve your Credibility as a Buyer

In reality, there is only room for one buyer in each of the available houses. A sincere offer is more likely to be accepted by sellers. Getting pre-approved for a mortgage demonstrates that you have the means to purchase the home in the event that your offer is accepted. In a seller’s market, sellers especially want to know that a buyer can provide this kind of security.

Narrow your Home Search

To further strengthen your position as a buyer, being pre-approved is a good idea. If you have a good idea of how much you can spend on a property, you can narrow your search and start making offers right away, saving yourself time that would otherwise be spent looking at places outside of your price range.

Expedite the Closing Process

As soon as your offer is approved, your only thought will be when you can move in. Closings can often take too long, making the buyer feel like they’re stuck in a post-purchase limbo. Since the mortgage approvals are already taken care of when you become pre-approved, you may move on to the next steps in the closing process like appraisals and inspections more quickly.

Pre-Approval for a Mortgage in Jacksonville, FL

If you or someone you care about needs a Jacksonville mortgage loan, please get in touch with one of our knowledgeable mortgage lending professionals right now. For more than a decade, Bayway Mortgage Group has assisted individuals just like you in purchasing their ideal homes. Please get in touch with us right away!

NOTE: Pre-approval does not guarantee a loan. Borrower is still subject to a full underwriting review.

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