How Pre-Approval Helps You

When you set out on your homebuying journey, one of the smartest moves you can make is securing a mortgage pre-approval. At Impact Mortgage Group, we're dedicated to helping you understand the immense benefits that pre-approval can offer. Here's how it empowers you in your path towards homeownership.

What is Pre-Approval?

Pre-approval is a lender's conditional commitment to grant you a specific mortgage amount, based on a preliminary review of your creditworthiness. The process involves a thorough check of your financial situation, including your credit score, income, employment, and debts.

Strengthens Your Buying Position

A pre-approval letter communicates to sellers and real estate agents that you're a serious and capable buyer. It shows that a lender is ready to back your offer, making you more attractive in competitive markets. This can give you an edge in bidding wars and speed up the buying process.

Refines Your Home Search

Knowing your pre-approved mortgage amount helps you focus your home search on properties within your budget. It prevents the heartbreak of falling in love with a home only to find out it's out of your price range. With pre-approval, you can shop with confidence, knowing exactly what you can afford.

“I was never in limbo or unaware of what was going on. Smooth, easy process to get to closing and they explained any questions to help me understand any concerns I may have had.”

Chad H.

Smoothens the Mortgage Process

Pre-approval accelerates the mortgage process since much of the financial vetting is already done. Once you find a home and make an offer, your lender can quickly move towards closing the loan. This can potentially lead to a faster closing date, getting you into your new home sooner.

Apply Now

Prepares You Financially

The pre-approval process gives you a clear understanding of your financial position, including any credit issues you need to address. It helps you prepare for the costs associated with buying a home, including down payments, closing costs, and ongoing homeowner expenses.

At Impact Mortgage Group, we encourage all prospective homebuyers to consider pre-approval as their first step. It's more than a piece of paper; it's your ticket to a smoother, more confident homebuying experience.

Locks in Your Interest Rate

Some lenders offer a rate lock with pre-approval, protecting you from rising interest rates for a certain period. This can provide peace of mind and certainty in your budgeting as you know what your potential mortgage payment would be.

Apply Now

Please note: Mortgage pre-approval is based on a preliminary review of your financial information. Final loan approval will occur once you have an appraisal done on the home you choose and it meets the lender's standards. Always consult with a mortgage advisor for personalized advice based on your unique financial situation.