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You know you need to get a preapproval letter to have the best chance of buying the home of your dreams. What goes into the preapproval process, and what do you need to get successfully pre approved?
First, look for mortgage companies who understand the complexities of buying a home. Ask about the expertise and availability of the loan officers.
Ideally, you work with a team that both provides you with a dedicated loan officer, and has a support system so you can get answers at any time from anyone else on the team. This means the mortgage company you work with also needs to be highly organized, and technologically advanced.
At Sammamish Mortgage, you can apply for preapproval online and upload all of your documents for verification through a portal. That means even if your personal loan officer is away, someone else on the team is able to help you.
You’re going to need to gather some information and documentation in order to get preapproved. A preapproval isn’t like a prequalification, which you may have done in the past for a credit card offer or auto loan.
Pre-quals just take whatever information you give, assume it’s all verifiable, and run it through an algorithm. The computer spits out a preliminary yes or no that’s worth absolutely nothing without verification of your information. This just isn’t a useful tool if you’re serious about buying a home.
A preapproval takes you through the home loan application process from the beginning, and verifies all of the information you provide plus runs a hard credit check. Then and only then can you be preapproved with a letter that sellers will take seriously.
You can start your application online, or connect with a loan officer over the phone. The application is fairly simple to complete, and you can upload your documents through a secure online portal. The loan officer will hand off your complete file for verification, and you should have your preapproval letter within a day or two depending on the complexity of your file. Rushes are considered on a case by case basis. That’s it! It’s so easy to get pre approved, it’s a mystery why everyone doesn’t do it.
We’ve fine-tuned the preapproval process to make it one of the easiest experiences you’ll have in the whole home buying process. Buying a home should be fun and exciting, not stressful. Get preapproved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.