Pre-Approval
What is a pre-approval letter?
A pre-approval letter is a document that outlines the exact amount you can borrow, contingent on certain conditions being met later. You can show that you are a serious buyer by providing this lett...
Why do I need to get a pre-approval letter?
Pre-approval gives you real buying power. Sellers are more likely to accept an offer from a pre-approved buyer. Moving quickly when making an offer on a home can help you beat out other buyers.
When should I get a pre-approval letter?
Pre-approval is an important first step in the loan process. It is important to have a pre-approval letter in hand before you start looking at properties. Real estate agents may require you to have...
How do I get a pre-approval letter?
Apply online at www.gethomeeasy.com or download our HomeEasy® app. We will ask for some preliminary information and will review it to determine what you may qualify for. It is completely free, and ...
Who is pre-approved?
Your name, as the borrower, will appear on the top of our approval letter under ‘Borrowers’ as well as a co-borrower, if you applied with one.
Can I make changes and updates to my pre-approval?
Pre-approvals are easy to update with an average turnaround of 24 hours. If you want to increase your budget or would like to put in a higher offer to win a sale, you will need to be approved for a...
Do pre-approvals expire?
Yes, your Semper Home Loans pre-approval will expire after 60 days but can be extended. The reason pre-approvals expire is because the most up-to-date information about salary, assets and debts is ...
What does my pre-approval guarantee?
It is important to note that pre-approval is not a guarantee that you will win a sale, or that your loan application will be approved when your offer is accepted. A pre-approval only calculates wha...
Where can I find properties for sale?
After you receive your pre-approval you will know what properties you can afford which will allow you to narrow your search to relevant properties only. Sites like Zillow, Trulia, and Realtor.com c...
Do I need a realtor?
Navigating a home sale can be tricky. Realtors act as a liaison between you and the seller/seller’s agent. An agent with industry knowledge will coordinate the purchase negotiations and make sure y...
Can I use friends or family to represent me?
Having a friend or family member represent you in a real estate sale is not a conflict of interest.
How do I put in an offer when I find the house I love?
If you are working with a real estate agent, they will help you evaluate several factors that will affect the seller’s decision to accept an offer. Ask your agent to provide comps (what comparable ...
What does it mean if the house I put an offer on is listed as ‘contingent’, ‘under contract’ or ‘pending’?
Realtors will change the listing status throughout the process to indicate to other potential buyers which stage the home is in. If a deal falls through, it is easier to update the listing status t...
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