Flyer by Georgia REALTORS® may be downloaded and printed
If you are pre-approved for a mortgage when you plan to finance the purchase of a home, you have a better chance of a seller accepting an offer to buy a home. Having a pre-approval is the next best thing to coming in with a cash offer.
Applying for the mortgage pre-approval
Know that buyers who are pre-approved will sometimes be declined later in the transaction process by the lender because of something that the lender’s underwriting department discovers when they dig deeper into documentation of the buyer’s finances. To prevent a disappointing decline later in the process, it is important for the potential buyer to provide full and complete information about all income and debts to the lender on the application. Omission of income and debts may negatively influence the decision of the underwriting department when omissions are discovered.
When I am working with a buyer, I always advise that the pre-approval be obtained before we tour any homes because that pre-approval will determine the price range of homes we should be viewing. It also will determine whether or not the buyer will be able to buy a home needing rehab – small or large.
And the pre-approval will help the buyer stand out especially in a seller’s market when multiple offers on a home are frequent!
Your REALTOR® is a great resource and will be able to guide you through the process of purchasing a home – from pre-approval to closing!
Happy home search!
