The Importance of Being Pre-approved for a Home Loan
Before you go out searching for your new home, you want to first get pre-approved for a home loan. Unless you have enough money to pay for the home in cash, you will most likely need a mortgage to complete the home purchase. A mortgage pre-approval means that you have already applied for your home loan and have received approval from your lender.
Make sure you are being pre-approved and not pre-qualified for your mortgage loan. While being pre-qualified will benefit you slightly, lenders can only pre-qualify you based on information you have given them and not information that has been verified.
Having a pre-approval for your mortgage will benefit you in many ways. First, it will allow you to narrow down your search criteria for your new property; by being pre-approved you will know your price range. Next, a seller will have more confidence in selling to a buyer who is pre-approved as opposed to a buyer whose financial history is not readily available. Finally, being pre-approved for your home loan will save you time. When the time comes to close, you will save days, possibly weeks, because your lender has already completed their credit analysis and approved you for your mortgage.
United Home Loans provides mortgage pre-approvals throughout the Midwest. We provide competitive mortgage rates in Illinois, Indiana, Michigan, Minnesota and Wisconsin. We will be licensed to lend in other states soon.
United Home Loans provides Illinois mortgage loans in addition to mortgages in Indiana, Michigan, Minnesota and Wisconsin. Contact us below or at 708-531-8388 with any mortgage questions.