A proper pre-approval is essential to securing a property. Not only is it a critical part of the process of setting your budget, but the reputation of the lender can also significantly impact whether your offer is accepted.
Getting finances in order
A "Pre-approval" means that you have met with a loan officer or banker, your credit files have been reviewed, and the loan officer believes that you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre-approval letter that shows your borrowing power.
How many letters do I need?
You only need one pre-approval when making an offer. You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each one comes with a new credit check, and we will only send one letter with your offer. You can always shop for competing mortgage rates after we put a property under agreement.
The right pre-approval matters
The more reputable your pre-approval is from a strong banker, the more likely you are to get your dream home. We can introduce you to some great lenders.
Who should I call for a pre-approval?
The agents at Dwell360 have several lenders who are trusted advisors to our clients. We can provide you with their information so that you can meet with them to obtain your pre-approval. They can also provide you with competitive quotes on interest rates and closing costs, weigh the pros and cons of various financing options, and help you assess how much down payment you will need.
Explore the next step in the buyer plan, Establish Your Search Criteria.
