Why You Benefit from a Loan Pre-Approval

Now is a great time to buy a new home. Receiving your pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure and you are a serious contender in a competitive home-buying market.


Why you Benefit from a Loan Pre-Approval

Here’s why pre-approved buyers are ahead in the home-buying game.

  • Pre-approved buyers can generally close quickly, since most of the work has already been done.
  • A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.
  • Pre-approval saves you time spent looking at houses you cannot afford.
  • If you make an offer on a home and then apply for a loan, it may be difficult to achieve a quick commitment date or closing.
Talk with your North Shore Bank Mortgage Professional. They can to help you determine how big you can dream, help you prepare a pre-approval letter, and explore your mortgage loan options. They are here to offer guidance so that you can confidently navigate the home-buying market and pair you with what best meets your goals and budget.
Information Provided by: This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Cash reserves may be required for some conventional loans. Please contact a Loan Originator to discuss your specific situation.  Pre-approval is not guaranteed and may require additional information. Member FDIC.

Related Blog Posts

Savings vs. Student Loans: Which Should You Prioritize?

Eliminating debt has its obvious advantages, but increasing your savings can lead to major returns Full story...

Financial Skills Everyone Should Have

Basic money management skills every adult should have Full story...

Five Top Tips for Mortgage Borrowers

Keep these tips in mind when you’re applying for a mortgage loan. Full story...