Getting pre-approved for refinancing mortgage mortgage before buying is one of the most powerful things that I can recommend to anyone who's looking to purchase a home. It's also one of the most overlooked aspects of most transactions.
Becoming pre-approved for your mortgage before going into escrow can offer many advantages to homebuyers. First, studies conducted by the National Association of Realtors has shown that the greatest amount of stress that a buyer goes through occurs during the mortgage refinancing period between having their offer accepted on a home and the closing. Much of this is because of the uncertainties in the loan process. But by having the mortgage approved first, then finding the right home, buyers can take much of the stress out of the transaction.
Pre-approval of your mortgage also allows you enter the market with certainty. From the start you know what you can qualify for, and you won't waste any time looking at homes in the wrong price range. In addition, when you are pre-approved the lender will provide a certificate, or letter that will verify that you have already been approved for your loan up to a particular loan amount. You can then show this to home sellers to confirm your qualifications to buy their property. This allows you to distinguish your offer to purchase and will give you a strong position from which to negotiate price and terms. It can also give you a clear advantage if you're competing against other offers.
The pre-approval process is almost identical to the actual application process. The only difference is that there is not a specific property involved. The documentation needed from the applicant is very similar to what's needed for a normal loan approval. Most lenders take less than a week to have you approved and I know of some that are even faster than that.
Mike Sieber, President of Sieber Home Finance, Inc. in San Diego, CA. has been a leading mortgage professional since 1988. While many lenders have collapsed, Mike's firm has grown and thrived by offering clients solutions to buying homes effectively; using loan pre-approvals. To find out more about the power of pre-approval, contact Mike at http://www.SieberHomeFinance.com/preapproval or he can be reached at (858) 486-9797 or at msieber@cts.com
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