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Loan Pre-Approval, What is it?


July 24, 2015

When buying a house some individuals opt to go the mortgage loan route for a variety of reasons.  When an individual does decide to get a mortgage a lot of times they will hear that they are “Pre-approved” and for some that means that they have already passed the approval process and are guaranteed the loan they are applying for, however that is not quite the case.

Pre-approval literally means the person applying for the loan is at the stage before approval, meaning there are still a few more stages to go through before they are actually approved for the loan they are applying for.  Generally when a mortgage company “pre-approves” someone for a loan they are saying that the buyer’s income has been verified and their credit history has been checked.  If everything works out, they can get a pre-approval letter (which is usually good for 60 – 90 days) that will show potential sellers that they have the funds to be able to purchase the house they are interested in.  However, a pre-approval letter is not an offer to lend, a commitment to make a loan, or a guarantee of specific rates or terms, as a mortgage company may require additional income and asset verification, and satisfaction of other conditions that the mortgage company may have.  The best thing to do if you have any questions is to ask your real estate agent and/or mortgage lender as they would be able to answer all of your questions.

So if a pre-approved loan doesn’t mean you are actually approved, then why should you get a pre-approved loan?  Well there are many reasons why you should get pre-approval for a loan before you start looking for a house.  The biggest reason is that with a pre-approval you will be able to gain a more accurate idea on what type of home you can afford, thus helping you target your home search to only include houses in our price range and will also make you more attractive to sellers.

This information is brought to you by Tim Allen, the leading expert on luxury condos like the Continuum South Beach. To learn more about about the Continuum Condos for Sale, call (305) 588 2451.