Why Get Pre-Approved for a Mortgage?

Getting pre-approved is one of the most important steps in the home buying process. But what’s the big deal? What is pre-approval and why is it so important?

What is pre-approval?

Pre-approval is where a lender verifies your income, assets, credit, and debt to income ratio to provide you with a loan amount to use before you begin shopping for a new home. Getting pre-approved is as close to a mortgage as you can get without going through the loan process. (You can also get pre-qualified, which is a basic estimate from a lender on how much you can spend on a new home.)

Why get pre-approved?

Getting pre-approved for a mortgage is an important step in the home buying process. It gives you an advantage over other buyers who want to make an offer on the same home as you. Your buying inquiry may not be taken seriously unless you have been pre-approved. Pre-approval also means you’ll get into your new home faster, because you’ll be able to put an offer on the house immediately.

How do you get pre-approved?

That’s where we come in. You’ll want to talk with a Security Service Mortgage loan officer to get started. They will gather some information from you, like income and credit details, and then be able to issue you a pre-approval, letting you know a loan amount that you qualify to borrow.

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Security Service Federal Credit Union is an Equal Housing Lender. Membership eligibility required. The information contained in this site is provided for informational purposes only, and should not be construed as home buying advice on any subject matter. You should not act or refrain from acting on the basis of any content included in this site without seeking professional advice from a loan officer or other home loan expert.

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