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Buying a home can be a whirlwind process and can cause great questions like "Why should I get pre-approved?"  You made the choice to look for a home, perhaps you have even spoke with a Real Estate Agent.  Maybe you have looked at a few homes online or maybe even went to a few open houses.  The Real Estate Agent may suggest that you have pre-qualified or better yet pre-approved for your home mortgage.

Did you know you can improve your purchasing power by making sure you are pre-approved for a mortgage?

A pre-approval letter gives you a competitive advantage against other buyers who have simply been pre-qualified for a loan. Sellers are more likely to accept your offer on their home because you have been guaranteed a loan. Plus, it can also speed up the closing process.  Especially in today's market.  Unfortunately there are many short sale properties available.  When submitting an offer to lenders, they will require a pre-approval letter prior to accepting the offer.  Receiving a pre-approval is more than just a Loan Officer looking over your numbers.  During the pre-approval process we'll determine how much money you are eligible to borrow by reviewing debt, income and savings information.  A pre-approval is where the application, credit, and supporting documentation is provided to the lender and they approve the loan prior to even knowing the home address.  From this, it's just a matter of locating YOUR home, completing an appraisal, and submitting the executed contract.

You never know when you will stumble upon the perfect house during your home search. If you have to wait to be approved, your dream home could be snapped up by someone else. Why not be armed and ready to make an offer?

Another helpful read while you are searching for your dream home is 7 Common Home Buying Mistakes