Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

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Why A Mortgage Pre-Approval Gives You A Home-Buying Advantage

If you are planning to purchase a home soon, the first step should be getting Pre-Approved for your mortgage financing.  

A Pre-Approval, as opposed to a Pre-Qualification, signifies that the loan application has already been taken and that you are approved as a buyer up to a certain price range, so your loan will be subject only to the property meeting the lender's approval guidelines.

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 cannot afford.

♦  A Pre-Approval letter from a lender gives you an edge when multiple offers have been made on a house because sellers are assured you can close the deal.

♦  Pre-Approved buyers can generally close escrow more quickly, since most of the work has already been done.  A quicker close is generally favored by sellers.

I work with several excellent lenders who can get you Pre-Approved, and I am happy to recommend my best loan officer associates to you.  

Give me a call at 773-320-3800, tell me about your buying preferences and goals, and I can help you get going on your home buying journey with every possible advantage.