Pre-approving a mortgage loan with your preferred lender will give you and your Lang Realty agent a major advantage with a seller. Don’t underestimate what pre-approval will mean in a competitive real estate market.
Why get pre-approved for a mortgage?
It can mean the difference between buying the house, condo, villa or townhouse you’ve zeroed in on, or losing out to another buyer’s offer the seller accepts instead of yours.
If you’re a new home buyer, you’ll want to know how to get pre-approved for a mortgage. “A mortgage pre-approval is a statement of how much a lender will let you borrow to buy a home. Getting pre-approved with multiple lenders makes it easier to find the lowest mortgage rate or bargain for it, which could save you thousands over the loan’s term,” according to Bankrate.
When should you get pre-approved for a mortgage?
Even before you start house hunting. Mortgage lenders will request pay stubs, W-2s, proof of other income and additional documents. Approvals can take anywhere from overnight to weeks and more if you’re self-employed or have other financial issues. Timing will depend on the lenders, how much documentation they need, and how long it will take to gather and submit that information. Your best bet is to ask your Lang Realty agent if mortgage pre-approval is required, and be prepared to both house and mortgage hunt simultaneously.
