Mortgage Resources

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A pre-approved buyer always has the advantage in an offer situation. Becoming pre-approved is very easy: you complete your loan application with a credit check prior to beginning your home search process. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the edge in home purchase negotiating and helps you stand out in the event of multiple offers.

You might ask what is the difference between pre-qualified and pre-approved? Pre-qualification represents a mortgage professional’s opinion, in which little information, if any, has been verified. A pre-approval is the result of verifying credit, income, and assets, and represents a decision as opposed to an opinion.

The process involves a thorough review of your financial situation and allows you to determine the size of the mortgage loan for which you qualify. Once pre-approved, the lender will provide you with a letter promising to loan you the agreed upon amount. This letter can considerably strengthen your home purchase offer because it proves to the seller that you will be able to raise the funds required to close on the real estate transaction.