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Getting mortgage pre-approval is one of the first steps toward buying your dream home. Pre-approval boosts the likelihood that the seller will accept your offer and gives you a detailed quote for your homebuying budget.
But homebuyers often hesitate because they think that pre-approval hurts their credit score. Will it?
The truth is that it will temporarily lower your score, as is true whenever a creditor pulls your credit report. But the benefits of getting pre-approved outshine the slight dip in your score. Read how.
A pre-approval usually requires a hard credit inquiry, although a soft inquiry is all that is needed for a pre-qualification. A hard inquiry can lower a borrower's FICO score by about five points or less. These lost points are typically recovered by keeping up with your on-time bill payment and maintaining your credit card debt low.
While every point matters in credit reporting, getting pre-approved is still one of the best actions you can take when looking to buy a home.
Don't let the small dent in your score prevent you from getting a pre-approval! The advantages of getting approved overshadow any negative impact on your credit score. Here's how that breaks down
Knowing how much house you can afford helps you concentrate on properties that fit your budget, saving you time during house hunting. We'll also review your application and, based on your verified income and assets, make sure that your approval aligns with your budgeting.
A pre-approval letter will increase your negotiating power since real estate agents and sellers know that you have talked to a lender and are a serious buyer.
Getting pre-approved can help speed up the closing process because much of your financial information is already in the lender's system. This is one of the reasons why famous financial advice personalities highly recommend getting a mortgage pre-approval.
Getting a mortgage pre-approval is one of the essential steps in the home-buying process. While it's not mandatory, it shows sellers how serious you are about buying the property. Need to learn more? Contact us today for more information.
Address:43950 Margarita Road Suite C
Temecula, CA 92592
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Department of Real Estate, Broker # 01821025; NMLS# 135622. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation (www.c2financialcorp.com) NMLS Consumer Access ( www.nmlsconsumeraccess.org)
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