Getting preapproved for a mortgage at the beginning of your home buying journey will make the whole process much simpler and easier. A preapproval means Envoy has committed to offering you a specific mortgage amount based on a detailed financial analysis and credit check. One of our underwriters will have reviewed your file as well.
More hopeful homeowners go the preapproval route each year. Here are three major reasons why it’s a good idea:
Getting preapproved means you have a clear budget and price range. Shopping online, meeting with a real estate agent, and negotiating with the seller should be faster and easier.
The seller may give you a better price during the negotiation phase if they know you have a definite source of cash.
The seller may have multiple offers on the home. If you’re preapproved and the other buyers are only prequalified, the seller could be more likely to choose your offer because you’re less of a risk.
If you ask for a preapproval, the extra commitment you make at the beginning can pay off in bigger benefits at the end. Whatever you decide, Envoy will always work hard to make sure you love your mortgage experience.