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Advantages Of Mortgage Pre-Approval

There are several advantages to getting mortgage pre-approval before looking for a home.

Being pre-approved for a loan lets you know how much you can borrow towards a home, your agent can help you find a home within the loan amount you're pre-approved for, and a seller of a home is more likely to accept your offer than someone who has not been pre-approved for a loan yet.

Your lender will review your credit, financial, and employment information during the mortgage pre-approval process after you fill out an application.

Once you qualify for a loan, you will receive a mortgage approval letter. It will contain a maximum loan amount you're approved for and how much time you have to use the loan. This is your bank's guarantee of the amount they will lend you toward the purchase of a home.

When you are ready to negotiate a price for a home, the seller will be more willing to accept your offer because you already have financing available. A seller would be more reluctant to accept an offer from someone who doesn't have the money yet to buy the home, because the offer can fall through if the buyer can't come up with the money at the time of closing.

The advantages of having mortgage pre-approval puts you in a better position to look for houses that you can afford because you already know how much money you can borrow and you already have financing in place when negotiating a price for a home.

Michelle Roebuck provides mortgage and home buying advice for people with bad credit at http://www.find-bad-credit-mortgage-loans.com. Sign up for her newsletter at http://www.find-bad-credit-mortgage-loans.com/newsletter.html.

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Neon Tommy

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MonitorBankRates.com

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Housing Wire

President Obama's Mortgage Refinance Plan Just a Bid for Votes Yahoo! Contributors Network By Mark Wise By Mark Wise | Yahoo! Contributor Network – 12 hrs ago This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world's most popular websites. New Obama mortgage refinance plan to near $10 billionHousing Wire Obama to Announce New FHA Mortgage Refinance ProgramGo Banking Rates Obama mortgage refi plan to be rolled outMarketWatch MNI News all 1,125 news articles »

International Business Times

Obama Proposes Mortgage-Refinance Plan Wall Street Journal By NICK TIMIRAOS President Barack Obama called on Congress during Tuesday's State of the Union address to approve new legislation that would give all homeowners who are current on their mortgages the opportunity to refinance at record low mortgage ... Will Obama's Mortgage Refinance Plan Be D.O.A.?U.S. News & World Report Obama proposes mortgage refinance programPolitico (blog) Obama State of the Union 2012: Mortgage Refinance Changes Face ObstaclesInternational Business Times Housing Wire -Daily Caller -MyFox Los Angeles all 12,768 news articles »

Obama Unveils Mortgage Refinance Endeavors Mortgageorb by MortgageOrb.com on Wednesday 01 February 2012 The Obama administration has presented the mortgage refinancing plan that was first announced during the president's State of the Union speech on Jan. 24. According to a statement released by the White ... and more »

Living large? Get the best rate on your jumbo mortgage refinance NASDAQ If you buy apparel from "big and tall" clothing stores, you're used to paying more and having less to choose from. "Regular guys," on the other hand, benefit from a wider selection of products and more competition between retailers. and more »

AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance Leads Middle East North Africa Financial Network COM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ...

$11.94M Refinance for Northeast RBS Citizens Bank Portfolio Citybizlist Real Estate Greg Nalbandian, Senior Vice President and Managing Director of NorthMarq Capital's New Jersey Regional office, has arranged a first mortgage refinance totaling $11.94 million for a RBS Citizens Bank Portfolio of 16 RBS Citizens Bank branches in New ...

Boehner On Refi Plan: Bad Idea, Obama! Mortgageorb by MortgageOrb.com on Thursday 02 February 2012 Any hope for bipartisan support of President Obama's mortgage refinance proposal was squashed by House Speaker John Boehner, who dismissed the new initiative as a continuation of failed policies. and more »

Peek Inside: Sound Credit Union's Marketing Department The Financial Brand First, from a sheer results standpoint, we recently introduced a re-purposed home equity product as a no-fee, mortgage refinance option. The target audience was people who had about 15 years or less left on their mortgage, who wanted to take advantage ...

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