Learn About the Mortgage Pre-Approval Process
Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a customized pre-approved amount. A mortgage pre-approval is issued by your lender to show home sellers that you’re a serious buyer.
Being pre-approved proves that your finances, employment, and other pertinent information have been evaluated and pre-approved to that specific amount.
Sellers like to see that you have a seal of approval that the deal will go through as planned, should the seller accept your offer.
If you’re not pre-approved and you find a home you want to make an offer on, you’re taking a gamble. REALTORS® and sellers are less willing to accept offers from a buyer without a pre-approval.
Expires 120 days from application date
Benefits Of Being Pre-Aprroved
Once a lender has pre-approved you for a mortgage, you’ll get a letter you can then take to sellers. This letter shows sellers you’ve already started working with a lender, and that the lender is willing to work with you. It gives sellers peace of mind to know they won’t be wasting their time with someone who couldn’t afford their house in the first place.
Will My Pre-Approval Expire?
All mortgage pre-approval letters have an expiration date. Many things can change after you get pre-approved, such as your income, credit history, or even the interest rate. Because of this, your pre-approval normally lasts for 60 to 90 days. When the pre-approval expires, you’ll have to update your paper work to get a new one.
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FAIRWAY MORTGAGE - THE POTEMPA TEAM
5450 E High St #275
Phoenix, AZ 85054
NMLS – 454708
4750 S Biltmore Lane
Madison, WI 53718
NMLS Consumer Access