If you’ve been looking for a mortgage, you probably heard about the importance of getting pre-approved for a loan.
But what is mortgage pre-approval?
Mortgage pre-approval is simply the process of completing a mortgage application before house hunting in order to know how much money you’re qualified to borrow.
When you submit your mortgage application, the lender performs a credit check and evaluates your financial history in order to give you a pre-approval letter which will be emailed to them as a PDF for their records. This pre-approval letter includes the loan amount that you qualified for, and a mortgage pre-approval from DuPage Credit Unions is good for 60 days.
Why should I get pre-approved for a mortgage before looking for a home?
- You’ll know how much home you can afford and be ready to make an offer when you find your dream home.
- You’ll walk away with an official pre-approval letter to show the sellers how serious you are – giving you the advantage when negotiating.
- Sellers and real estate agents love working with us! When they see a pre-approval from DuPage Credit Union, they know it’s going to be a smooth process.
- It’s free!
What information do I need for my pre-approval application?
Other documents may be requested, if needed. Upon verification of the above information, a pre-approval letter will be issued as proof of financing. Ready to get pre-approved for a low rate mortgage loan? Get started