Why You Benefit from a Loan Pre-Approval

Now is a great time to buy a new home. Receiving your pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure and you are a serious contender in a competitive home-buying market.

09/29/2016

Why you Benefit from a Loan Pre-Approval

Here’s why pre-approved buyers are ahead in the home-buying game.

  • Pre-approved buyers can generally close quickly, since most of the work has already been done.
  • A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.
  • Pre-approval saves you time spent looking at houses you cannot afford.
  • If you make an offer on a home and then apply for a loan, it may be difficult to achieve a quick commitment date or closing.
 
Talk with your North Shore Bank Mortgage Professional. They can to help you determine how big you can dream, help you prepare a pre-approval letter, and explore your mortgage loan options. They are here to offer guidance so that you can confidently navigate the home-buying market and pair you with what best meets your goals and budget.
 
Information Provided by: This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Cash reserves may be required for some conventional loans. Please contact a Loan Originator to discuss your specific situation.  Pre-approval is not guaranteed and may require additional information. Member FDIC.

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