In order to get a pre-approval, you will submit your loan application, along with some of the other documents required to get a mortgage. The lender will check your credit, and approve your loan contingent upon finding a suitable property.

Having a pre-approval in hand gives you a distinct advantage when you are trying to have an offer accepted by a seller. It shows the seller that you are serious enough to have already gotten a head-start on the loan process, which will typically means a faster closing. Also, you have an advantage over other buyers who may be competing with offers on the same property you want. If you were a seller and you had 2 offers to choose from - one buyer had gotten a rough idea of what they could afford and had a longer timeframe for a mortgage contingency, and the other had a full pre-approval and only needed property specific details for final loan approval, which would you choose?

If you are interested in getting pre-approved with a lender that we frequently work with, just contact us, and we will supply the names and contact information for some lenders who would be happy to discuss your financing options with you.