While getting pre-approved for a home loan does not guarantee you will get final approval on the house you ultimately choose, it does indicate to sellers that you are a buyer they can take seriously.

So, while a reputable real estate agent will agree to work with you even if you have not gone through the pre-approval process yet, getting it done at the beginning of your home search will make you look better to sellers.

What Is a Home Loan Pre-Approval?

A home loan pre-approval gets you one step closer to getting your financing in order to purchase a home because it reveals how much financing lenders are willing to offer you.

When you apply for a home loan pre-approval, the lender will analyze the following:

  • Credit score
  • Financial information
  • Debt-to-income ratio

Your credit score plays a major role in your lender’s decision because it tells them how well you have paid your debts in the past. They use this information to determine how likely you are to pay them back in full and on time.

After the lender carefully reviews all of your financial information, debts and credit history, they will decide how much money they feel comfortable lending you for the mortgage. Generally speaking, once you have a pre-approval on a home loan, you can feel confident that the lender is willing to offer you the dollar outlined in it once you find a home that interests you.

Then, when it comes time to make an offer, you can include the pre-approval letter along with the offer. The seller is likely to take your offer more seriously because you are a somewhat safe bet. No one wants to believe they have sold their home, only to watch the deal fall through due to a financing issue on the buyer’s end.

So, How Can A Real Estate Agent Help You Get Pre-Approved?

Experienced, well-respected real estate agents have established a solid network in their region. This network includes lenders, as they run in the same circles. Gina Morgando has the connections, skillset, experience and marketing resources to find the lender that is the best fit for you.

Rather than entering blindly into the process of finding a lender on your own, Gina can help match you up according to your individual needs, budget and situation. By getting a pre-approval at the outset of your home search, you will set yourself up for success.

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