Getting pre-approved for a mortgage makes the home buying process much easier. As opposed to applying for a mortgage when you find your house, getting pre-approved can speed things along and make it easier to get your dream home.
Getting pre-approved for a mortgage means that you basically have a 90 day stretch where you can instantly get your home loan when you are ready. This also shows realtors and sellers that you are a serious candidate, and many claim that you can get better access to home viewings and can see homes on a time that works for you, making the process much easier.
By not getting pre-approved, you could miss out on a home while waiting for the mortgage application to fill out. Especially homes that are a good deal!
How it works
Getting pre-approved for a mortgage is not much different than getting a mortgage to complete the purchase of a home. You would go to a bank just like you would with a mortgage. There, you will be asked to show employment history, credit scores, and tax and income information. These will all help the bank determine your status to get pre-approved and get the home of your dreams.
Once all this is done, you will get to choose between several different mortgages that you qualify for. Once you find one that fits you, you send in your application for approval. After this is done and you get approved, you will be able to start shopping! Your realtor and home sellers will want to see a copy of your pre-approval letter, which can help speed the process up.
If you are looking to buy a home and are a serious buyer, getting pre-approved for a mortgage can make things easier on you, your family, and your realtor.