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Show them you're ready to buy

Here are a few key reasons to know why it is a must to be pre-approved before looking for your next home:

  • Avoid disappointment when you locate a property you love but aren’t ready to make an offer. Given the current state of the housing market, sellers are very reluctant to accept an offer without a pre-approval. A pre-approval gives you confidence that the money will be there if and when you decide to buy.
  • Know your limits and buying power. It’s as much about what you’re comfortable spending as what you are actually qualified to spend. A pre-approved mortgage helps you understand all of the actual costs involved in buying a home and can help you refine your home search based on your budget.
  • Have peace of mind knowing that you are actually pre-approved with a no cost, no obligation pre-approval from a mortgage professional at Lake Elmo Bank.
  • A pre-approval reviews your credit, income and other factors making sure your credit is up to the task, leaving enough time to correct any errors or issue that limit your buying power.
  • A pre-approval can determine which loan products you are qualified for before you go too far down the wrong page, saving your time and money.  
  • Are you self-employed or have a short job history?  Many lenders require two years of income tax returns.  But often, starting early with a pre-approval we can often find a loan that suits your needs.
  • How long will your loan term be? 30 year? 15 year?  

The mortgage process is foreign to most people.  It’s not your job to know what options are available to you or to know exactly what the best mortgage product is for your needs. That is our job and we take it seriously. We help make the entire mortgage process smooth and easy for you with advice from our mortgage professionals and assistance from our friendly loan staff.

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