Advantages of Pre-Approval

It is important to meet with a loan officer early in the home buying process to help you figure out how much you can afford to spend. Understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach and will save you time.

The specific benefits of mortgage pre-approval* include:

• Saving time as you target your search. Don’t waste time looking at homes outside your budget. Knowing the mortgage amount you can obtain within your budget allows you to shop confidently.
• Increasing your negotiating power. Sellers often show preference to the buyer with “assured” financing, knowing that pre-approval often ensures your offer is solid.
• Speeding up the final loan approval. Since we obtain much of the required loan documentation for pre-approval, we’ll be able to process your mortgage request more quickly.
• Enjoying peace of mind. By knowing exactly how much you can afford, there’s no need to worry about whether or not you will be approved for the loan amount you desire.

The pre-approval process is simple and harmless. Not only will this initial step help you understand how much of a home you can afford, but it will also show how you can save money by maximizing your financing situation. It will also allow your real estate sales associate to more effectively serve you.

A Quick Glance into What to Expect

In order to get pre-approved, you’ll need to answer a few questions and provide your loan officer with some personal and financial information so they can access your credit report. Once they access your credit report, we’ll be able to tell you your pre-approval status.

Then, you should receive a pre-approval letter, which should state that the lender has reviewed the buyer’s credit report, income requirements and cash to close and pre-approves the buyer for the loan, subject to an acceptable appraisal of the property.

After you are pre-qualified and your loan application is filled out, your Loan Officer will give you a detailed idea of all of your expenses up front. Your Loan Officer will review your credit profile based on a credit report and personal credit information you supply.

Ready to Get Started? Submit an application. We offer a complete selection of mortgage loan products to meet your needs, all with competitive rates and pricing. Prefer to meet with someone in person? Just call (866) 441-1862.

Want a Second Opinion? If you haven’t used Ruhl Mortgage, they are always happy to give you a second opinion, so you can better understand your options. Fill out an application to get started and a loan officer will contact you within one business day.

Mortgage Calculators: Check out these great resources to give you an idea of what mortgage payment you can expect.

Feel free to contact Ruhl Mortgage directly for any questions you may have by calling 563-441-1862 or 866-441-1862.

Once you get pre-qualified, learn about the next step in the process and how it’s important to use the process of elimination (aka the funnel process).