Getting Pre-Approved for Your Loan

It's not a requirement to be pre-approved before looking at new homes, but it could cost you your dream home if you’re not. Many home sellers are unwilling to consider offers on their homes without some idea if you will actually be able to get a home loan. With the housing market flooded with buyers, and little real estate for sale, it's always a good idea to have a strong offer. A strong offer starts with providing the seller with a pre-approval from your lender. This not only tells them you have your affairs in order, but that you are serious about buying their home in a timely manner. If faced with two offers, one with a pre-approval and one without, the seller is far more likely to pick the buyer that is ready to go forward in the financing process with a lender they have already been working with.

What do you need to know about the pre-approval process? First, you are not required to provide any documents for the pre-approval, however, without enough information it is difficult to determine eligibility. To assist the lender with your pre-approval you can voluntarily provide the same documents you will need to qualify for your loan- such as paystubs, bank statements, W-2s, and a copy of your federal tax returns. Remember, a pre-approval is not a commitment to lend, but can certainly speed up your financing and make your offer to purchase that much stronger.

Contact us here at GSF Mortgage to start your pre-approval process today!

Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
rmeyer@gogsf.com
NMLS #222688 & 1018