What could be more comforting than the peace of mind that goes with knowing your mortgage is fully approved? You will have a greatly improved negotiating position when you are pre-approved for a mortgage.  Sellers are more apt to negotiate with someone who already has a mortgage approval in hand. Having a pre-approval letter from a lender let's the seller know they are working with a serious buyer. A pre-approved buyer can also close on a property more quickly - another major consideration for a motivated seller. Obtaining a pre-approved mortgage is essential in a "sellers' market" or where supply is limited.

Pre-approval uses basic information as well as electronic credit reporting. It is a true mortgage commitment, which means a commitment to financing your home and an indication of the total mortgage amount available to you. We have connections with several mortgage lenders that can help you through the pre-approval process. In most cases, there is no charge for this service. Ask us for more information!

If you are unable to receive pre-approval on a home loan, getting pre-qualified is another option. Pre-qualification is not a full mortgage approval, but an estimate of what you can afford. When you pre-qualify for a mortgage, the lender collects basic information regarding your income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount that you can afford. This will give you an idea of the price range of properties that you can shop for in the market.