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. 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 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.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.Get Pre-Approved Today