Get Pre-approved Before You Make an Offer

Considering the number of mortgage companies large and small that have gone out of business in the past three years and considering the dramatic tightening of mortgage credit standards, it is really no surprise that more and more listing Realtors and Sellers are insisting that a buyer be pre-approved for a loan before making an offer.

Getting pre-appoved for a mortgage before you start looking for houses usually does not take a lot of time and is smart for a number of reasons:

You know what your upper price range is.

You are made aware of any issues with your credit prior to making an offer.

Your offer will get more attention from listing Realtors and from Sellers.

Getting a pre-approval for a home loan is generally as easy as providing a loan officer your personal information, employment information, and asset information. The loan officer will review your credit history and will determine what type of loan you qualify for. If you have good credit, are able to make a down payment and are able to verify sufficient income, the pre-approval process can usually be completed same-day. Once, the loan officer has verified that you are pre-approved, he or she can generate a pre-approval letter with specifics such as loan amount and interest rate. Realtors will usually want to have a copy of this letter when they submit an offer to listing Realtors or to Sellers.

Sponsored by Affordable Homes Oklahoma