Pre-approval on your home loan helps you determine your buying power and lets you shop with confidence
Chances are, you have some idea of how much home you can afford. But are you sure? You might be able to afford more than you think…
There is an easy way to find out: get pre-approved. Being pre-approved means that your credit has been reviewed and you have been approved for a specific loan amount (subject to certain conditions), for a limited period of time. Our pre-approval service is free of charge.
When you’re pre-approved, you’ll have the peace of mind that comes from knowing the details about your loan -- including the interest rate, monthly payment, closing costs, etc. -- before you start house hunting.
Once you are pre-approved, Compass Mortgage will issue you a letter stating that you are pre-approved for a mortgage loan up to a certain amount. Your Realtor® will request a copy of this letter (typically before they begin showing you homes) and will include a copy with any offer that you make on a property.
Tomorrow, we'll look at the distinct advantages you have as a homebuyer by getting pre-approved.
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