Getting pre-approved for a mortgage is one of the most crucial steps in the home buying process. It not only gives you a realistic budget to work with, but it also strengthens your position as a serious buyer.
To gain valuable insights, I recently spoke with mortgage broker extraordinaire, Cristen Hodges, about the pre-approval process and its importance. Below she shared with me the steps of getting a pre-approval and why it’s so important for buyers to get a pre-approval as soon as they want to begin their search.
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Pre-approval gives buyers an estimate of their home price range. It helps them be financially prepared to look at new homes and make realistic offers. It also helps buyers’ real estate agent accurately identify the best homes available and listing real estate agents feel confident in submitted offers.
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Buyers can fill out an online or verbal application. I’ll review the application and credit information. Typically, I can issue a Priority Buyer Preapproval letter, right away!
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Cristen recommends that all buyers consider Credit Approval. This gives buyers the estimated purchase price and loan amount based on underwriting review and is the highest standard of credit approval. Buyers fill out a mortgage application, provide necessary financial information and documents. Underwriting will review the information, financial documents, and credit report, making an approval decision based on the information. Buyers typically receive credit approval decisions within 3 – 5 business days.
Cristen also shared that Wells Fargo offers some unique opportunities to potential borrowers:
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Rate Lock: Wells Fargo offers 120-day free rate lock in NY. This is great for longer condo or coop timelines.
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Competitive relationship pricing: Our relationship pricing discount is based on pre-close assets. This can include checking, savings, investment, and retirement accounts. It is available any loan size. Exclusive Discounts and Mortgage Benefits | Wells Fargo
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First-time homebuyer: Wells Fargo offers Dream.Plan.Home and Homebuyer Access Grant programs for eligible first-time homebuyers. Buyers may qualify for lower interest rates or a lender credit toward down payment.
Why Choose Cristen Hodges?
I love when my buyers choose to work with Cristen. Her customer service and commitment to making the mortgage process as smooth and stress free as possible is second to none. She’s simply a dynamo and a joy to work with. I highly recommend working with Cristen Hodges for your mortgage needs. Her exceptional customer service and dedication to making the process as smooth as possible are truly unmatched.
Ready to Take the Next Step?
If you're considering buying a home in Brooklyn, getting pre-approved is the first crucial step. Contact me today to discuss your home buying goals and learn more about how pre-approval can help you achieve them.
