Pre-approval is like moving to the head of the class. It
shows the seller that a financial institution deems that you
are able to pay for the home with no problems. Sellers view
pre-approved candidates as the top of the list, since they
don’t have to worry about the sale falling through or
the buyer not being able to afford the mortgage costs.
The most important part of applying for pre-approval is applying
for the right type of mortgage. You want to make sure you
choose the right type of mortgage you can afford for your
home buying needs. This helps to avoid being declined for
a mortgage and having to go through the process all over again.
Pre-approval will determine the route you take to buying a
home. It can help you know the size of mortgage to take out,
as well as, learn whether your credit history is in good standing.
Another benefit of pre-approval is that it solidifies your
interest rate for a certain amount of time to give you an
opportunity to work through negotiations and find a home that
fits your needs. It helps you bring more to the bargaining
table as a buyer who has all their ducks in a row.
The National City Mortgage team of lenders will work with
you to see the best course of action for you to seek pre-approval.
They will let you know the necessary documentation for filing
for a mortgage, and alert you of any potential roadblocks
to your getting approved.
If you are approved for pre-approval your lender will contact
you and provide you with official documentation of this approval
to give to sellers you wish to negotiate with and hopefully
secure the home for which you have been searching.
National City Mortgage wants to help you get to the home
you desire, contact your local National City office for pre-approval