What is a Pre-Approval?
Anyone interested in buying a house can get a pre-approval from a lender or broker who performs a check of their credit history, verifies their income, and then provides an assurance that they would be able to get a loan up to a certain amount. This can then help a buyer find a home that is within their loan amount range.
Getting pre-approved for home financing provides the home buyer with several significant advantages, especially in competitive markets. When working with Nationwide Mortgage, you can obtain a fast, accurate pre-approval, even if your property address has yet to be determined.
How to Get a Pre-Approval
Nationwide Mortgage can get you pre-approved within hours, free of charge. All you need to do is call and ask for one! Once you get in contact, you will need to submit some documents in order to get your pre-approval.
Here are the documents you will need:
- Income and employment documents, such as tax returns, W-2s and 1099s.
- Asset statements on bank, retirement, and brokerage accounts.
- Monthly debt payments and any real estate debt statements.
- Records of rent payments, divorce, bankruptcy, and foreclosure.
After these documents have been submitted and reviewed, you will get a document stating how much money you are approved to borrow. This will help you prepare you to close a deal much faster and show you how much you can afford.
3 Benefits of Getting Pre-Approved
- In a competitive market with multiple offers, sellers often choose the pre-approved buyer – even if their offer is slightly lower than other potential buyers without a pre-approval.
- If you have unconfirmed credit and/or employment history, getting pre-approved can help you determine if you qualify for the house that you want.
- A pre-approval provides real peace of mind for a seller who wants to close a sale quickly.
No matter your income, credit score, or situation, Nationwide Mortgage can help you make the right purchase decision for you. Get pre-approved today and be one step closer to your dream property!