Pre-Approval
What is a mortgage preapproval?
Get Mortgage Preapproved with the Ridgeway Team
A mortgage preapproval is your ticket to securing the home of your dreams. Here's why it's essential:
1. Know Your Financial Standing
- Discover if you qualify for a loan.
- Determine how much you can borrow.
- Identify the types of loans available to you.
This information is crucial before house hunting to avoid disappointment or limitations.
2. Gain Property Access
- Some real estate agents require a preapproval before showing homes.
- Sellers prefer offers backed by preapprovals, signaling your readiness to close the deal.
3. Understand Preapproval Duration
- Your preapproval is valid for 120 days from your credit report pull.
- Keep your credit score consistent and provide updates on changes in income or employment.
If your preapproval expires, don't worry; you can request an extension.
4. Preapproval vs. Prequalification
- Preapproval is stronger and fully underwritten.
- Prequalification relies on provided information, lacking lender verification.
In today's competitive market, preapproval is a must for confident and successful home buying.
Stay prepared, stay focused, and reach out to the Ridgeway Team to start your homeownership journey today!
*[Disclaimer: Pre-approval is based on preliminary credit information and voluntary documentation. Final approval is subject to underwriting review. Ridgeway Team is not affiliated with government agencies.]*