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Getting Pre-Approved

Get Pre-Approved and Ready to Buy

Congratulations on your decision to purchase a new home!  Buying a home is the biggest purchase most people will make in their lifetime.  Which is why we get our clients pre-approved and ready to buy before they find a house.   

Show the sellers you are as serious about buying their home as they are about selling it.  Your pre-approved letter will make your offer stand out just like it was a cash offer. 

What does it mean to be Pre-Approved and Ready To Buy ?

Pre-approved and ready to buy , is where we collect your full application, assets, credit and income, then have a live mortgage underwriter review and approve them before you start searching for a house.  Giving you peace of mind knowing your mortgage is waiting for you instead of you waiting for your mortgage. 

How will the seller and real estate agent know I am Pre-Approved and Ready To Buy ?

After you're pre-approved, you will receive an official letter from us detailing the maximum amount of your purchase power good for 90 days from the date of your application.

Why is getting Pre-Approved and ready to buy different from a pre-qualification offer with other mortgage companies?

Once you are pre-approved and ready to buy , we only need to get the property qualified before you can close your loan.  A typical pre-qualification by other mortgage companies is where they take your application and pull your credit, then have a loan originator or loan processor (not a certified mortgage underwriting specialist) review them before he/she determines if you might fit standard loan guidelines.  Once you put an offer in and it is accepted, there's usually a small window of time you'll have to get your finances officially approved before you can no longer back out of the purchase contract if there is a problem with your income or assets, and your down payment (earnest money) becomes non-refundable.

If I am pre-approved for 90 days, what happens if it takes me longer to find a home?

It's no problem If it takes you longer than the initial 90 day window to find a home.  We will just need to re-pull your credit and update your asset and income documentation before we can re-issue another 90 day pre-approved letter.

What can I do to stay Pre-Approved and ready to buy ?

Before your loan closes, You need to keep your financial situation the same as it was when we issued your pre-approval letter.  Some ways to do this is to not apply for or open new credit liabilities, do not transfer monies or deposit cash into your bank accounts, do not quit or change jobs, etc.  Make sure to keep your dedicated loan originator informed of what's going on with any thing that may come up so you can be advised on how a change may impact your pre-approval.

What if I want to offer less than the maximum I'm qualified to purchase?

You will simply let your dedicated loan originator know you want to offer a lower purchase price and the pre-approval letter will adjusted accordingly.

Once I apply, how long will it take to get Pre-Approved and ready to buy before I'm able to start looking for a house?

It generally takes 24 hours to let you know you're pre-approved.

So, does this help me to close quicker?

Having yourself and your finances pre-approved before you start looking for a house, can cut down as much as two weeks off the typical time to get a mortgage closed.  This is a must if the seller requires less than 30 days to close.

What is the best benefit of getting Pre-Approved and ready to buy?

We believe all the above is paramount to buying a home these days, but to most buyers the best benefit is having the ability to win an offer over others who are only pre-qulalified and do not have a pre-approval letter.  A pre-approved letter is perceived by the seller as a guaranteed sale. 

 

1st Rate Mortgage Services, LLC NMLS #216585
327 Dahlonega St., Suite 104 B, Cumming, GA  30040
Office:  (770) 334-8451 Ext. 101
info@1stRateMtg.com
Copyright © 2017 1st Rate Mortgage Services, LLC
A Georgia Residential Mortgage Licensee #32549
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