Should I Get Preapproved before House Hunting?

Have you thought about buying a home soon? Get preapproved first before you start looking!

What does preapproval mean?

It means that a lender has agreed to loan you the funds to purchase a home. The letter normally expires after 90 days.

Here’s 4 reasons to get preapproved:

1. It shows you are serious about wanting to buy a home. Since you have already started the process with a lender, the sellers are more assured you have the finances that are needed for your mortgage.
2. It shows how much you can afford to offer on your dream home based on what you want your monthly mortgage payment to be.
3. Your home will close faster because you already did the work before making the offer. A normal closing can take up to 50 days. With a preapproval, you can usually close within three weeks!
4. If there are issues, you know now. We know finding the perfect house can be exhilarating, and the last thing we want is for you to find issues with your financing AFTER you’ve found your house. If you think there could be issues with your credit, meet with us about 6 months before you start looking. We’ll work with you to create a plan of action so you can eventually look for homes with no worries!

Why is it important to be preapproved over pre-qualified?

A pre-qualification will show that you could be approved for a mortgage. A preapproval will be an accurate representation in a letter from your lender that shows they’re willing to give you funding, and it gives you the maximum loan amount for your mortgage.

Worried about your down payment?

We offer a variety of mortgage programs that can mean little or no down payment!* We can talk you through your options to see what will work best for you.

Want to start your preapproval?

To start your loan at Emery, apply here. Once you apply, we’ll ask for your two most recent paystubs, two most recent bank statements, and your two most recent W-2s as your loan continues through underwriting.

When you get a preapproval from Emery, you’re getting a loan that has all of the work done upfront. That means you can house search with no worries!

*No down payment option only applies to 20-year fixed rate loans up to $850,000. PMI required. Minimum 2 months reserves. 43% maximum total debt ratio. Offer subject to first mortgage lien, based on credit worthiness. Owner occupancy, single family properties eligible. Minimum borrower contribution of $1,000 or 1% of loan value. No cash value. Offer void if transaction is rescinded. Limited time offer.