Why Get Pre-Approved?

Pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure. Here's why pre-approved buyers are ahead in the home buying game:If you make an offer on a home and then apply for a loan, you are at the lender’s mercy, who is aware that you do not have time to shop around. Pre-approval saves time spent looking at houses you can’t afford. It lets sellers know you have the borrowing power to back up an offer you make to buy their home.A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.Pre-approved buyers can generally close escrow more quickly, since most of the work has already been done.