There’s more to getting pre-approved for mortgage than knowing that you qualify for a home loan and how much you can borrow.

Here are some of the advantages to figuring out your financing options before you start to look at homes.

Know how much you can afford

Avoid the stress of finding a home and then discovering that you don’t qualify for an appropriate loan. Prequalification removes this risk and helps to narrow down your new home search by highlighting the price range of houses you can afford.

Compare lenders in advance to get a better deal

Shopping your mortgage around is a good way to get a lower interest rate and loan terms that suit your financial circumstances and needs. If you wait until you make an offer to secure financing, you could find yourself racing against the clock to satisfy the terms of a purchase contract. It doesn’t cost anything to submit pre-approval paperwork with multiple lenders, giving you the time and flexibility to find a great deal ahead of time.

A pre-approval letter is a good negotiating tool

If a seller receives multiple offers at the same price, there’s a good chance they’ll accept the one from a buyer with a pre-approval letter. Being pre-approved when you submit an offer on a home gives the seller confidence that there won’t be any holdup at closing due to issues with financing.

Close faster

While being pre-approved does not commit you to working with that particular lender, it does give you the option to close faster if you do. Going through the pre-approval process means all your paperwork will be on file for fast processing once you know the final loan amount.

Reduce stress and anxiety

The process of buying a new home can be overwhelming, with stressors coming at you from every angle. Removing financing from your worries list will help you relax and enjoy your home shopping journey.

Get pre-approved online with Lenderment!

Streamline your pre-approval process by working with a mortgage broker. Lenderment offers competitive rates, free credit analysis and review, and free financing guidance to help you find the right mortgage to suit your unique financial circumstances. 100% of our loans that are pre-approved are closed. Get pre-approved here.

Want to see if you qualify for a lower rate? Take our FREE online pre-approval, and find out in just 60 seconds how much you could be saving!

• Secure, Fast, and Easy
• Does Not Affect Your Credit
• No Obligation