Why Get Pre-Approved?

Getting a Pre-Approval for Mortgage Home Loan Best Mortgage Broker in Plano

Once the online Loan Application has been submitted you then need to provide your Pre-Approval Documents to get pre-approved. You are welcome to Email, fax, mail, or Upload these documents. Getting pre-approved for a mortgage home loan conveys your financial strength and commitment to the seller.

Difference Between Pre-Qualified vs. Pre-Approved? 

Paperwork. A mortgage pre-qualification is based on information provided by the borrower; a mortgage pre-approval is based on verified information. Being pre-approved means that the information on the mortgage loan application (such as income, assets, etc.) has been verified with documentation (such as pay stubs, tax returns, bank statements, etc.).

How Long Does It Take? 

24 to 48 Hours. The time it takes to get pre-approved for a mortgage home loan depends on you and how long it takes for you to provide the necessary documentation. Once we have received your documentation we can have you pre-approved within 24-48 business hours.

Why Get Pre-Approved?

Sellers Require It

In today’s hot market with a potential for multiple offers, most sellers require a pre-approval letter, not a pre-qualification letter. The sellers want to be certain that a buyer is capable of closing before taking their home off the market and potentially wasting their time and missing qualified buyers.

Get A Better Deal

We have seen sellers with multiple offers accept a lower offering price because the buyer had a pre-approval letter and the higher offer didn’t. While this isn’t “the norm” it’s worth noting that you could save a couple of hundred (even thousands of) dollars for providing the paperwork now that you’re eventually going to have to do anyways.

Close On Time

By submitting your documentation we are able to address potential issues up front and have a head start on the process once a contract is executed. Plus, once you have a contract you’re time will be more limited as you’ll then have to deal with the Home Inspection and start working on your Moving Checklist.

 

I’m Pre-Qualified; Do I Really Need To Get Pre-Approved?

Yes. It’s necessary for you to get pre-approved for a mortgage home loan; especially in Dallas’s hot real estate market. Realtors often mandate a pre-approval letter from a buyer before they’ll submit an offer on a home. Likewise, a Seller may not even consider an offer if it’s not accompanied by a pre-approval letter.

Does This Mean I’m Approved and Done With Paperwork?

No. A pre-approval means that based on information we have you are credit approved BUT we haven’t done anything regarding the collateral (i.e. the home) since you don’t have a contract. Once a contract is executed we will need to update the documents you provided and we will require additional paperwork to be provided.