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.

2/24/2021 8:47:21 AM

Why you Benefit from a Loan Pre-Approval

Now is a great time to buy a new home. Receiving your pre-approval signifies that your loan application has been taken reviewed and you are a serious contender in a competitive home-buying market.

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

  • A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house. This is especially important in a competitive market.
  • Pre-approval saves you time spent looking at houses you cannot afford.
  • You can get into your new home more quickly. If you apply for your mortgage after you make an offer on a home, it may prolong the process and delay your commitment date or closing.
 

Get Preapproved  |  Mortgage Application Checklist  |  Current Mortgage Rates


Take a few minutes to use our coaching tool to find out how much home you can afford. By answering a few questions, you can discover your ideal monthly mortgage payment, learn more about mortgage loans, and calculate what you can afford.

Take the next step to owning your new home. Talk with your North Shore Bank Mortgage Professional who can to help you determine how big you can dream, help you prepare a pre-approval letter, and explore your mortgage loan options. We are here to help you confidently navigate the home-buying market and pair you with what best meets your goals and budget. Schedule an appointment online or call your Mortgage Professional today.
 
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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