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Why a Preapproval is Key to Your Home Buying Success

Home values are rising. Inventory is low. If you are looking to purchase a home right now, these factors can heavily influence your search. Having a preapproval for your mortgage used to be a nice thing to have; today it is essential and here’s why.

What Does It Mean to be Preapproved?

Being preapproved for a mortgage means a lender has given a written commitment to finance the purchase for a potential buyer. This preapproval is based on a review of a buyer’s financial qualifications including, but not limited to, credit profile, income, and required assets. Getting a preapproval from Cambria Mortgage is quick, easy and shows your realtor that you are qualified to make an offer on a home. One thing to note is once you find a home there will still be additional steps in the loan process, including reverification of all financial information and meeting all required criteria.

Why Get a Preapproval?

With the spring housing market heating up, many buyers are finding the homes they are interested in have offers from multiple interested buyers. In this situation, submitting a preapproval letter from Cambria Mortgage can make all the difference. In fact, it is common a seller will not even accept an offer without a written preapproval. Getting your preapproval can be completed quickly and there is no cost or obligation. Show the sellers that you have been working with a Mortgage Consultant and are qualified to make the purchase.

Another benefit of preapproval is that our Mortgage Consultants can introduce you to and educate you on programs you may not have been familiar with previously. Engaging your Mortgage Consultant early may allow them to provide suggestions on strategies to improve your credit or steps you can take to prepare for the documentation that will later be required.

What Do I Do After I am Preapproved?

Once you are preapproved, it is time to find your dream home! If you are not currently working with a Realtor, your Mortgage Consultant can provide you with a reference to get you started. During your search, make sure you stay in touch with Cambria Mortgage even if you do not find your new home right away. Your preapproval letter is valid for 90 days so you have plenty of time for your search, but we want to make sure you are ready when your new home is.

Call Cambria Mortgage

To get started, call Cambria® Mortgage™ at 952-942-0110 today or visit CambriaMortgage.comOur team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.