It is to your advantage to obtain a pre-approval letter as soon as you're ready to begin your home search. Lenders will render a decision based on a completed loan application, income verification and data from all three credit reports.

Save Time by Looking in the Right Price Range
If your real estate agent is sending you automatic e-mail listings of available homes, you can ask them to change the parameters to more tightly encompass the selection of homes that you are qualified to buy. This way, you'll save time by checking out homes you can qualify for instead of falling in love with a home that you can't afford.

Increase Bargaining & Negotiating Power
Sellers will be more likely to immediately accept your offer, even if that offer is for less than list price, because you are giving the seller peace of mind that their home is sold. That way the seller can begin to look for a new home to make an offer on.

Gain Confidence & Avoid Disillusionment
Now when you find that perfect home, nobody can take it away from you by telling you that you do not qualify to buy it. You can minimize anxiety and remove last-minute loan surprises that could disqualify you. You'll sleep better at night with peace of mind knowing that the home you selected is yours.

Enjoy a Faster Closing Period
Since you have already been pre-approved, your loan officer already has most of your information, so the application process will go quicker and smoother. You can schedule your home inspection right away and the appraisal can be ordered immediately after your home inspection is completed and acceptable. It's possible to shorten a 30-day closing to two or three weeks, which comes in handy if a seller needs to quickly move and can't decide which offer to accept.

Lisa Keese is a Professional Mortgage Lender in Burleson, TX. If you’re ready to purchase, build or refinance your current mortgage, allow me the opportunity to see what I can do for you. Email me at lkeese@servicefirstmtg.com or call me at 817-233-9226.