What It Means to Get Pre-Approved for a Mortgage

What it means to get Pre-approved for Mortgage

When you decide that you are ready to purchase a home, it can be difficult to know where to start. Between finding the perfect property to suit your needs and getting the right financing options, the decisions you make during the homebuying process can dictate what you’ll pay monthly for years to come. One of the best ways to begin the process is by getting pre-approval from J.G. Wentworth. With trained loan specialists ready to review your finances, we can help to get you the pre-approval you need, making your homebuying experience simpler and more transparent. 

What is Mortgage Pre-Approval?

Mortgage pre-approval is a commitment made by J.G. Wentworth to offer a home loan before you have found a house or property to buy. Your finances will be inspected by one of our loan specialists, including your credit history, income, employment history, and any assets you may have.

Once we have all the necessary information, we will determine whether or not we can provide pre-approval for your mortgage loan based on your financial standing. Receiving pre-approval is a step in the right direction when searching for a home, and it will show that you are a serious buyer.

Advantages of Pre-Approval

Mortgage pre-approval can put you in a great position to find the right home with affordable financing options, providing a variety of benefits such as:

Financial Solvency

If you have been pre-approved for a home mortgage, that means you will be able to receive a loan to finance your property. Often, when homebuyers do not seek pre-approval, they are shocked to find out they cannot get financing after picking out their perfect home. Getting pre-approval from J.G. Wentworth takes away the uncertainty of whether or not you can afford to buy a home, allowing you to move forward in the homebuying process with confidence. 

Accurate Budget

Because pre-approval provides a figure for what size loan you can get, it gives you an accurate picture of what your budget will be while looking for a home. This way, you know what your price range is going to be, making it easier to find the right home.

Buying Power

With pre-approval from a reputable mortgage lender like J.G. Wentworth, you will be viewed as a stronger buyer. In other words, sellers will be more likely to negotiate with you because you have received a preliminary guarantee for financing on their property. Using pre-approval as a bargaining chip is a great way to improve terms and pricing on a given mortgage.

For more information on pre-approval, mortgage loans, or refinancing options, contact us today.

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