Lenders are packaging pre-approvals in many different ways today. Some are using rockets, colored buttons, fancy names and clever animation. We believe consumers are better off armed with more facts and less flash…after all, the real issue is, can you get financing to purchase a home? Here is our best advice.A pre-approval should be offered at no cost with no obligations. If a lender has the opportunity to assist you with a pre-approval, they should be happy to provide that service and have the opportunity to earn your business.
A valid pre-approval must ALWAYS include accessing your credit report. Lenders who claim they can offer a valid pre-approval without accessing your credit are not offering you a valid pre-approval. They are only trying to generate leads. Find a new lender.
Your lender should be willing to spend time discussing your home purchase goals. Developing a plan and issuing a pre-approval go hand in hand. Your pre-approval should reflect the plan you have discussed with your loan officer.
Buyer Advantages of being Pre-Approved
- Knowing what loan program is best for you
- Being confident on how much you can afford
- Estimate of monthly payment
- Estimate of funds needed for closing
- You and your real estate professional can write your offer to purchase with confidence
- The pre-approval letter shows the seller you are a serious buyer
You have questions; your Loan Officer will help you with the answers.
- What goes into the mortgage loan process?
- What can I expect?
- What is pre-approval?
Contact your Wisconsin Mortgage Corporation Loan Officer today for more information on how to become pre-approved, as well as any other mortgage questions you may have.