Why Pre-approval?

Are you looking for a home in the Smoky Mountains?  Have you talked to your real estate agent?  If so we are sure you have been asked "Are your pre-approved?"  Ever wonder what's the big deal about pre-approval? We will give you an in depth walk through on what it means, how to begin, and why we believe it is such an important element to beginning your search for your perfect home in the Smoky Mountains.

What is Pre-approval?

Loan officers will calculate a your financial ability to make monthly payments.  The loan officer does this by reviewing the your financial status including, income, assets, cash flow, and credit score, to help determine the maximum monthly payment the you may qualify for.  If you qualify the lender will pre-approve a mortgage before the you have found a home.

Where to Start?

There are several options to finding a lender.  We suggest shopping around in looking for the best rates and a lender you feel comfortable with.  We can give you recommendations or you can choose to go with a previous lender or possibly your bank.  We have a variety of different lenders who are familiar and experienced with purchasing in the Great Smoky Mountains.

Why Is Pre-approval Important?

  • Once you have a mortgage pre-approval,  you are ready to begin the search for your home with a understanding of your price range.  Pre-approval will save you time as you will know which direction to focus your search.  
  • Pre-approval my offer more certainty for the home seller in your ability to purchase the home
  • Many sellers will not schedule a showing until a pre-approval letter is provided.
  • If by chance the seller allows you to schedule a showing to their home without pre-approval chances are they will not entertain an offers until the pre-approval process is complete. If you are not pre-approved and you make an offer the seller has the right to take other offers while you are waiting on your pre-approval.  Your perfect home could slide right through your fingers without pre-approval.
There are many benefits to pre-approval, some listed above.  If you are ready to find your home in the Smoky Mountains and are looking for a lender, please give us a call and we will be happy to assist you.


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