When you are ready to buy a home in California, one of the first steps you should take is to apply for mortgage pre-approval. You probably have heard of pre-approval, but you might not be sure what it is, how it works, or why you need it. This post will explain the benefits of getting pre-approved for a home loan.
What is Mortgage Pre-Approval?
Mortgage pre-approval is a simple, quick process where you provide us with some basic information, and we let you know how much you might qualify to borrow. We then provide you with a mortgage pre-approval letter that states the amount we have pre-approved. This is not the same thing as a loan agreement, but as you will see in a moment, it is incredibly useful. Applying for mortgage pre-approval only takes a few minutes, and it can push the home purchase process forward quite a bit.
Benefits of Mortgage Pre-Approval
Let’s go over the advantages of getting pre-approved for a mortgage.
Learn what you can afford.First of all, you figure out how much home you can afford when you receive your pre-approval. Knowing the maximum you can likely borrow is one of the first steps in budgeting all of your home purchase expenses.
Narrow down your home search. If you have already started your home search without knowing what you are going to be able to borrow, you are only taking a guess which homes you can afford. You may have already wasted hours touring homes you will be unable to purchase.
Brian Musket of Mortgage Consultants Group quoted: “Worse, you can end up getting really attached to a home. Learning later you cannot afford it can be heartbreaking.Mortgage pre-approval lets you skip around all of that. You can just tour homes you can actually afford to buy.”
Make compelling offers. If, during your home search, you do fall in love with a beautiful home you can afford, you can then show the seller your mortgage pre-approval letter. This letter will inform the seller that you are a serious buyer who is likely to be approved to borrow enough to buy the home. Sellers are much more likely to accept offers from buyers with pre-approval. In fact, these days, many sellers will not even consider an offer from a buyer who does not have such a letter.
Apply for Mortgage Pre-Approval in Rancho Cordova Now
It is fast and easy to apply for mortgage pre-approval right here on our website.
- Click where it says “Pre-Approval Letter” under “Resources” at the bottom of our site.
- Our FREE Home Purchase Qualifier tool will pop up. Enter your zip code. Click the orange button that says “Go!”
- Answer the series of questions that follows. These will concern the nature of your home purchase, your credit score, and some details about your income. It should only take you a couple of minutes to finish answering the questions.
That is all you need to do! The process is complete, and you will find out right away if you are pre-approved for a home loan.
Mortgage Consultants Group can help you buy a home or refinance in Rancho Cordova or anywhere in California. To get started, please call us today at (916) 669-1682. We can walk you quickly through the steps of the loan process so you can move into a new home in CA.