Why pre-approval Is The Right Step To Take Today!
If you’re in the position to buy a Tucson home this year, pre-approval is something you can still do right now to get ahead in the home-buying process. Sellers really like knowing the buyer can qualify to buy (their) home. So, getting the pre-approved letter from a lender indicating the amount of the loan you can qualify for is crucial to positioning your offer as a serious buyer. In addition, this allows you shop to for homes within your means.
What is a Pre-approval?
To obtain a pre-approval, you will complete a full application with supporting documentation, can be done from the comfort of your own home. The lender will pull your credit report and score and provide you with loan details at a given interest rate. Even with a loan pre-approval, the application still needs to go through underwriting. After you find a home and are under contract, this is the final stage of due diligence before issuing the loan. The mortgage pre-approval is typically good for 90 days.
Don Vallee, real estate advisor with Long Realty in Tucson, Arizona stated, “It’s crucial! f you find a property that you want, a seller will most likely not consider your offer until you can accompany the offer with a pre-approval letter. It also helps you address potential issues that may arise with your application and find a home you could be approved to buy with-in your price range.”