The Power Of Pre-Approval

What do you think happened to Fast Freddie and Thorough Theodore?


Turns out that Freddy’s pre-qualification had a lot of PRE, very little QUALIFICATION, and a complete absence of APPROVAL.

A pre-qualification can be done quickly, but without verified information, it may not be worth the paper it’s printed on. A pre-approval is much more thorough and accurate. Once you have one of these in hand, your credit and income are well known. All you’ll probably need to do next is find the right house.

In other words, a little extra spent up front, can actually save you lots of time in the end.

Recently, the housing market has become more competitive, with bidding wars occurring in many transactions. Plus, mortgage guidelines have been tightened. Documentation requirements have been expanded and are being followed more closely.

A pre-approval gets you through the much of the loan process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

What advantages will I have once pre-approved?
You’ll be certain about the price range that’s best for you. You’ll know how much cash you’ll need to close, and you’ll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. 

Plus, since sellers like a sure thing, you’ll have an advantage over buyers who may not have been through the process.

How long is the pre-approval valid?
Your pre-approval is typically good for the “shelf life” of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. 

The usable life of these documents will vary, yet it’s usually safe to say that your approval is good for up to three or four months. During this time, it pays to keep all important financial documents so they’re readily available for future updates.

What if I change my mind?
That’s perfectly fine. There’s no obligation to purchase a home or use a particular loan program once you’ve been pre-approved. 

In fact, pre-approval simply helps to assure you know exactly what’s involved, that you are comfortable in a particular price range, and that you are truly ready to make your move.

The process of purchasing a home is easier when you have financing in place before you make an offer. We’re here to help get you started, and it’s never too early to do exactly that.

Next Step

Get Pre-Approved

Getting pre-approved is the first step in buying a home. By getting pre-approved, you can:

  • Focus on your home search, knowing your financing is in Poli’s expert hands.
  • Find out exactly what home price you qualify for and shop with comfort
  • Improve your chances for homebuying success, since sellers heavily favor offers with pre-approvals from reputable lenders.

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