The home-buying journey can often feel like a thrilling roller coaster ride. From the excitement of browsing through listings to the exhilarating rush when you find ‘the one’, each moment is a blend of anticipation and intrigue. However, there’s a step in this thrilling journey that could make the difference between making it past the finish line or trailing behind – and that’s getting pre-approved for your mortgage.
In the current real estate landscape, where homes are being snapped up quickly, it’s imperative that you, as a homebuyer, step onto this ride fully prepared. Much like the safety bars on a roller coaster ensure you arrive safely at the finish line, a pre-approval letter keeps your journey on track until you reach your dream of homeownership.
So why is pre-approval so critical in this process? Consider it like this: you would only set out on a road trip if you checked your fuel gauge first, right? Similarly, when you’re about to embark on the journey of homeownership, the pre-approval process is like checking your ‘financial fuel gauge’ before you hit the road. It’s about ensuring you, your realtor, and the seller, all have a clear understanding and confidence in your financial ability to complete the purchase of a home.
Understanding Pre-Approval and Gauging Your Confidence
Pre-approval is more than just a document; it’s an indicator of your purchasing power and the trust sellers and their agents can place in your offer, giving everyone the confidence to move forward. Let’s look at 4 confidence levels and how they relate to each type of loan pre-approval.
Not feeling very confident: This is the stage where you haven’t provided any financial information to the lender. Without a pre-qualification or pre-approval letter, there’s uncertainty about how much you can truly afford. It’s equivalent to setting out on a journey without knowing how much fuel you have. As a result, it leaves everyone involved unsure about your ability to secure a loan and complete the purchase.
Feeling good and pretty confident: Moving up the ‘confidence gauge’, getting pre-qualified for a loan can provide a level of confidence. At this stage, you provide basic verbal information about your income and assets, and the lender pulls your credit report. Based on this, you receive a pre-qualification letter stating the maximum loan amount you qualify for. It’s a good start, as it lifts you out of the unsure zone.
Feeling better and more confident: Now you’re reaching a better confidence level. This is the stage where you provide proof of your income and assets. With this information and your credit report in hand, the lender issues you a pre-approval letter. This document gives you, the seller, and the agent, a higher level of confidence about your loan-securing ability.
Feeling the best and very confident: This is the ‘Full Tank’ on our confidence gauge – the conditional approval. It’s the most solid level of pre-approval and is sometimes referred to as pre-approval with underwriting. It involves a thorough review of all your documentation by the lender’s underwriters, providing the highest level of confidence to all parties involved. With conditional approval, you can shop for and make an offer on your new home with the highest level of confidence.
The BankSouth Mortgage ReadyApprove Advantage
Navigating the ‘confidence gauge’ doesn’t have to be a daunting task. With ReadyApprove from BankSouth Mortgage, you could qualify for conditional approval in hours. Leveraging the power of our advanced technology, ReadyApprove makes the process of securing a pre-approval with underwriting fast. You can swiftly move from ‘unsure’ to ‘very sure’, giving you, your real estate agent, and the seller, great confidence in your home-buying journey.
Get Ahead of the Game
Just like a roller coaster, the home-buying journey can be filled with twists and turns. But with pre-approval from ReadyApprove, you can enjoy the ride knowing you’re securely fastened in and ready to go find your dream home. You’ll be armed with the confidence to quickly submit an offer, and the seller will see you as a serious, prepared buyer. So, are you ready to embark on your home-buying journey? Fuel up with ReadyApprove and let’s get started.
Remember, your dream home could be just around the corner. So why wait? Apply now and take the first step toward turning that dream into a reality with ReadyApprove.
Please note: Eligibility for ReadyApprove depends on factors such as loan type, property, occupancy, income, credit, and employment history. Other eligibility requirements apply.
ReadyApprove from BankSouth Mortgage, your trusted partner in the home-buying journey.