getting pre-approved

Contrary to popular belief, the financing portion of the home-buying process comes BEFORE finding a home. We typically recommend home buyers consult with a lender immediately upon making the decision to search for a home. By working with a reputable lender sooner than later, you will have a good understanding of your budget, and will feel much more confident throughout the home buying process.

It’s also common for a buyer to fall in love with the “perfect home,” only to lose it to another buyer because they weren’t prepared with a pre-approval letter. (In the Seattle market, most sellers will want to see a true “pre-approval” letter before accepting an offer.) A reputable lender will make sure to identify roadblocks well in advance, saving you potential heartache – and in many cases, preventing a closing from falling apart. Please contact us today for a lending referral – especially if you have unique circumstances, such as having recently moved, or changed jobs. We call them our “preferred lender” for a reason!

Getting your financing in place before you look for a home will save time and help ensure a smoother transaction. Meet with a mortgage broker to ask questions about the loan process and arrive at a comfortable price range.

There are two levels of endorsement during this process – pre-qualification and pre-approval. Pre-qualification means you are potentially qualified for a stated loan amount, assuming full and accurate disclosure, while pre-approval is more appealing to a seller.

To get pre-approved, you must provide your mortgage broker with information for a detailed background and financial check (including tax returns, credit check & income history). You’ll then get a letter from the lender stating the amount of your loan. This commitment is usually valid for about 60 days

Equally important to us is helping you get pre-approved for the best financing for your particular needs and situation – the loan that is the right fit for you. Fixed rate or adjustable mortgage? 30-year loan or 15-year loan? FHA? VA? Conventional? Jumbo?  Lenders can show you ALL your loan options. Whether you want to minimize your cash out-of-pocket or keep your monthly payment to a minimum, they can explore and explain the multiple options available to you.

Don’t just get pre-approved. Get educated about your options and get pre-approved for the right financing program.  If you don’t have a lender, we can help with that!