Why, When and How to Get Pre-Approved
Finding the right home is stressful enough. Finding the right mortgage doesn't have to be. Allow us to briefly walk you through the basics of the loan pre-approval process.
Why get pre-approved
A loan pre-approval serves three main purposes:
- It lets the buyer know the maximum loan size they can qualify for and will therefore provide a purchase price range for which they can shop.
- It immediately makes the buyer aware of any unforeseen credit, income or asset issues thus providing time to address these issues prior to the close of escrow
- A pre-approval notification issued by a reputable mortgage company lets sellers know you are a serious and qualified buyer when making purchase offers.
When to get pre-approved
The pre-approval is the essential first step of the purchase of any home. Most seasoned real estate agents will advise you to get pre-approved with a reputable mortgage company right away. By getting your loan pre-approved first, you are setting realistic price ranges, overcoming potential credit or income obstacles early and solidifying the financing upfront so that you can focus on finding the right property.
How to get pre-approved
At Close Your Own Loan.com, the pre-approval process is simple, convenient and, best of all, free. Simply follow these four easy steps:
1) Click Get Rates to view your new interest rate and payment. If you do not know your exact purchase price and down payment at this time, simply enter your best guess into the calculator. These details can be solidified once the pre-approval has been issued.
2) Once you have selected your desired loan program, click Select Interest Rate and Go To Application.
3) Create your secure online account and complete the simple online loan application.
4) Gather the items needed and return them to Close Your Own Loan.com.
Once you have returned your items needed and signed disclosures to us, you will be assigned a Loan Coordinator and a Processor. They will take over your loan and have an underwriting decision completed usually within 24 hours.
When your loan has been approved, Close Your Own Loan.com will issue a Loan Approval Notification and a formal Good Faith Estimate.
Congratulations! You are now ready to start making legitimate, qualified and pre-approved purchase offers.
Click Get Rates to set your pre-approval in motion.
Speak With A Loan Coordinator
Would you prefer to speak with a Loan Coordinator over the telephone? Please call us directly at 1-800-276-CYOL(2965) and choose option 1. Or, click here to have one of our experienced representatives contact you directly.