Marriage, having children, and landing your dream career are a few of the major landmarks in most people’s lives. Another landmark is filing a mortgage and starting on the path towards homeownership, and it’s an important part of all the others. If you’re interested in finding the perfect home in Arizona, it’s important to take a look inside the mortgage process.
Getting a Mortgage Approval in Arizona
The home buying process starts with shopping around, finding the right home, and negotiating the price. From here, the key to a successful purchase is the mortgage process. If you’re not familiar with the process, you might encounter delays and face the risk of the seller going elsewhere. However, with the support of a capable team of mortgage experts, you’ll be able to quickly complete this process and secure your dream home.
How Long Does it Take to Get a Mortgage Approval?
It can take several weeks to get a mortgage approval, as the application process and its requirements are quite complex. The first step in the application process is writing out an application to hand to a loan officer. The information that this application contains will include a list of properties that you own, asset and income documentation, and other pieces of relevant data. If your application succeeds, then you’ll be able to move forward with the mortgage and buying process.
However, the length and complexity of this process mean that sellers often don’t want to wait on someone who may not be able to approve their mortgage. This uncertainty means that making your initial offer to a seller is more or less a gamble, one that may well sink your prospects for purchasing the home. This is why it’s essential to pursue mortgage pre-approval.
How Long Does Mortgage Pre-Approval Take
Mortgage pre-approval follows more or less the same process as a normal application. Likewise, it takes a similar amount of time. The key advantage of this process is that it allows you to complete the process ahead of time and move into negotiations with confidence and security. As it happens, many sellers require pre-approval and will not accept an offer that isn’t backed up by a guarantee from a lender.
While pre-approval does give you security in your ability to buy a home, it’s not something you can take for granted. Mortgages are quite complex, and minor changes in employment, income, or debt can result in a lender rejecting a mortgage that had been preapproved in the past. Make sure to take care of your finances during the intervening weeks or months, as to minimize the risk of making yourself ineligible for the approved mortgage. Additionally, be sure to consult with experts as to give yourself the best chance of a successful home purchase.
Potempa Team Mortgage Services
The Potempa Team is a OneTrust Home Loans with a proven track record serving its community. We’ve earned national acclaim, as well as the trust of homebuyers throughout Arizona. If you’re interested in mortgage pre-approval, conventional loans, and many other mortgage services, you’re in the right place. Give us a call and schedule a consultation to learn more about how we can help you secure a great mortgage in no time.