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The Value of and a Strategy for Getting Pre-approved for a Mortgage, Without Destroying Your Credit Rating in the Process

Why Should Home Buyers Get Pre-approved For Financing?
Even people who can afford to purchase property with cash usually do not, which is only one of many reasons why ninety percent of all home purchases involve financing. Whether you are a first timer with little to put down and no track record, or someone looking to refinance an existing mortgage, you will want to get the best terms and rates you possibly can. By getting pre-approved for a loan you will have a very good idea of what lenders will offer you in financing. This also allows for you to easily target affordable housing markets. This also demonstrates to sellers that you are a serious investor that is financially able to purchase the property they are offering.

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Not only will a prospective buyer have a better idea of his price range and available financing, they will also be positioning themselves to move quickly on a property, should they find the one they want. Sellers often have as a requirement that the prospective buyer seek and get financing in a specified period of time after making a commitment, most often as quickly as one to two weeks. Having a loan Pre-approval can head off bothersome delays, as well as avert the possibility that another buyer may secure the property first and shut them out by default.

What Are the Different Steps In the Mortgage Pre-approval Process?
After having inquired with a few trusted friends and family, and conducting some Internet and telephone inquiries, prospective buyers should meet with their short list of lenders and banks to go over in detail their credit report, income level, assets and liabilities. After this all the different loan options should be discussed and reviewed. After a comparison is made, the loan best suited should be agreed upon. The lender will then issue a letter of Pre-approval for the buyer which confirms their ability to take on financing, what kind of financing is being offered, and for what value.

Property owners who are presented with Pre-approval letters are more likely to discuss a sale in greater detail, than if they if they are in doubt of someone’s ability to purchase. No one wants to be bothered with time-wasters, or miss an opportunity to sell their property to a more prepared investor.

Note: There is one Catch-22 to the Pre-approval process.
Getting Pre-approved requires an official credit inquiry, but these ‘hits’ on your credit report, if numerous, can help to diminish a good credit score by lowering it. Lenders feel that people who loan shop too often are prone to over extending themselves to financial risk, or have already gotten into a bind and are seeking financing to relieve an already exasperated credit problem. So while it is necessary to request credit reports and FICO scores, be as sparing as you can while you are out looking for your loan Pre-approval estimate and letter.

Basically, credit inquiries are labeled as an indicator of credit risk, according to Fair Isaac, who is the developer and publisher of the computer program that decides FICO scores. Fair Isaac believes it is more likely that a borrower will default on paying his or her commitments as promised, if they are repeatedly having credit checks done, even though it an integral part of the process for Pre-approval.

For information on the pre-approval process and qualifying for a home loan please visit our Mortgage Learning Center for more comprehensive advice, tips and assistance, by following the links below:

*For quick pre-approval you may fill out our mortgage loan pre-approval form and up to three lenders will contact you with a pre-approval loan quote and asist you further. There is no fee for this service. To get pre-approved click here

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