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Why get pre-approved for a mortgage?

The Benefits of Getting PreApproved for a Mortgage Home Loan!

What's the point of mortgage pre-approvals?

If you have read the definition of mortgage pre-approvals, you have now concluded that mortgage pre-approval letters provided by lenders don't offer a final commitment to lend or any guarantees! You might be then asking "What's the point of mortgage pre-approvals?"

If you're buying your dream home with cash, you obviously don't need a mortgage loan thus you wouldn't need a pre-approval letter to start with otherwise, every home buyer must get pre-approved for a home loan prior to shopping for a house. You can choose not to but it only makes sense to get preapproved first. Imagine you spend months looking for houses in a certain price range you think you can qualify for, only to find out that you can only qualify for a lesser home value. Find out what you can afford and qualify for prior to your home hunting could make the home search process and the mortgage closing process go a lot smoother and quicker.

Top 10 Benefits of Mortgage Pre-Approvals:

Here's a list of the top 10 benefits for obtaining the home buying mortgage pre-approval letter:

  1. Getting pre-approved for a mortgage can help you identify any financial issues you may have. The sooner you find about such issues, the better chance and the more time you'll have to correct them.

  2. Mortgage pre-approval application can help you get the best mortgage loan terms. Get lenders to compete and provide you with the lowest mortgage interest rate available on the market.

  3. Real estate selling agents are more willing to work with a pre-approved home buyer than someone who hasn't acquired about mortgage pre-approval. They would be more inclined to work with a prequalified prospect and rather invest their time helping someone with a pre-approval letter.

  4. Real estate agents and sellers will take you more seriously. Sellers will more likely consider accepting your offer as a potential strong buyer since you're qualified to purchase, have a lender lined up and have a higher chance to closing the deal.

  5. As indicated above, getting pre-approved for a mortgage will save you time when house hunting as it narrows your home search so you can shop accordingly. Once you know how much your bank is willing to lend you, you can shop within that price range.

  6. A mortgage pre-approval letter can be used as a bargaining tool in negotiating a better deal with a seller.

  7. Pre-approvals can make you feel more confident and have more of a leg to stand on when making offers on multiple houses.

  8. They can make you comfortable with the home buying process and educate you about the different mortgage loan programs, closing costs, lender fees and other costs associated with the loan.

  9. Mortgage pre-approvals will help buyers learn how much of a down payment is required up front in order to secure their mortgage loan and how they can truly afford to spend on a home.

  10. Having a mortgage pre-approval letter in hand is about as close as you can get to knowing you'll get financing and put you in the best position to purchase the home of your dreams.

As you can see, mortgage pre-approvals have many advantages and benefits as they can help buyers to take some of the guesswork out of the home buying process and can get you closer to finding your dream home and receiving a mortgage loan commitment from your bank.

Why mortgage pre-approvals through Arbor Financial Group?

Arbor Financial Group Mortgage Pre-Approvals Benefits and Advantages:

  • Honest and Outstanding Customer Service: When you work with Arbor Financial Group, you'll instantly discover caring, discreet people dedicated to your prosperity. With 96% of our business coming from referrals, we know firsthand the trust our clients and strategic partners place in us. It's imperative that we provide a continued outstanding customer services based on trust and integrity!

  • Better Value with Low Closing Costs: We strive to provide you with the lowest closing costs. We promise you that there's no markup on closing costs such as administrative or other "Junk" fees; You pay only what's required such as appraisal fee, title search cost, escrow, etc. We will even refund you $500 in closing costs if your loan is not closed on time. We've written a whole page about closing costs. Click this link to learn about mortgage and real estate closing cost. We also recommend watching this video as Mortgage Closing Costs Well Explained This video will answer the most asked question "Should I Pay Points?".

  • Low Downpayment Options: Arbor Financial Group offers a variety of mortgage loan programs that will assist you with your mortgage down payment. Please visit our mortgage loan programs center or contact one of Arbor's Licensed Agents to learn about which mortgage loan program is right for you.

  • Competitive Interest Rates: We fund our loans in-house and we also have had long lasting relationships with top mortgage companies throughout USA. That's why we are able to offer competitive low mortgage rates. See today's rates by visiting our Today's Mortgage Rates page.

  • Arbor Real Estate & Home for Sale Mobile App: Still shopping for a home? Or haven't even started? No problem. We at Arbor think about your real estate needs too. That's why we are also offering Real Estate Services. One of our licensed real estate agents can also help you shop for a home. Not only we provide you with a thorough list of homes for sale online, we also provide you with a mobile app to find homes for sale on the go. Click this link to register and download your free homes for sale app.

  • Transaction Transparency: Arbor offers services designed to both protect and grow your investment. Not only we will help you buy the home you desire, we will also provide you with home and life insurance services to protect your assets as well as free advice whenever possible. Thus, you can rest assured knowing Arbor Financial Group is with you through every season.

  • Privacy and Security: At Arbor we care about your privacy. We made every effort possible to protect your identity and all information transmitted online. Your information is secure and confidential. Your information isn't and will never be shared with any third-party or an affiliate. We DO NOT SELL your information. Your information is 100% secure. That's a promise we guarantee.

    Notice the Green bar with the lock in your browser when visiting the get preapproved for a mortgage online form.

  • Convenience: Our easy and secure mortgage loan programs online is free with no obligation. You may use our pre-approval form to start your mortgage preapproval process or sign up to submit a complete and secure mortgage loan application online or download the uniform residential loan application complete, scan and email back to info@arborfg.com and you'll hear from a licensed mortgage banker within a few hours comfirming receipt of application. We will follow up by phone or email to request additional information if needed, otherwise we will email you a formal commitment letter within 48-72 hours.

  • Location: Would you like to meet a licensed mortgage professional in person? Don't like to prequalify for a mortgage online? Great! Arbor Financial Group has two office locations in Orange County, CA. For those who live in North Orange County may visit Arbor's corporate office in Tustin and for those who live in South Orange County can visit our Laguna Beach branch in South Orange County. This way, Orange County PreApproval and PreQualification for a mortgage home loan just became much easier. Schedule a One Hour Free Phone Consultation to see if you qualify for a mortgage home loan today!

How can you speed up the mortgage pre-approval process?

Get Organized! Make sure your documents are in order and are digital

Before you apply for a mortgage loan in Orange County, California, make sure that you have all the documents that will be required.

Here is a list of what is needed to get preapproved for a mortgage:

  • Most recent 2 years personal federal tax returns. All pages and all schedules. **
  • IF you own 25% or more of any LLC, S-Corp, Partnership etc we will need the most recent 2 years business returns (1120s, 1065s, etc) & K-1s for these entities
  • Most recent 2 years W-2s
  • Most recent paystubs to cover a 30 day period
  • Current Driver's licenses
  • 2 months banks statements for any funds that will be used for closing.
  • A complete ARBOR Mortgage Pre-Approval Loan Worksheet
  • Current credit report (we can provide for you)

A best practice is to gather all the information above and save it in a PDF file format. This will save you time down the road and make things easier to approve your loan.

A Must Download

During the mortgage loan preapproval process, it is extremely important that Nothing Changes in your financial world. We recommend you download the following do's & dont's of getting a mortgage home loan!