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2011-04-06 22:29:26
Utah Loan Pre-approval

Preapproval Letters Give Home buyers an Edge! Real estate experts tell home buyers that it's critical to apply for a loan before shopping for a home, and it's true; this is an essential first step.

But do you know that it's far better to be preapproved for a loan than to be prequalified? There are more advantages to gaining preapproval than you would initially surmise. When the lender hands a borrower a preapproval letter, it means the borrower can:

Gain Confidence & Avoid Disillusionment
Now when you find that perfect home, nobody can take it away from you by telling you that you do not qualify to buy it. You can minimize anxiety and remove last-minute loan surprises that could disqualify you. You'll sleep better at night knowing that the home you selected is yours. Moreover, you can tell your relatives and friends that the home you made an offer is definitely going to close and you will not 'lose face' with anybody.

Increase Bargaining & Negotiating Power
Sellers will be more likely to immediately accept your offer, even if that offer is for less than list price, because you are giving the seller peace of mind that her home is sold. They can take their home off the market and place it into pending status with confidence.

Enjoy a Faster Closing Period
Because there is no window period while your loan application is processed, the lender can speed up the entire processing procedure. Appraisals can be ordered immediately. It's possible to shorten a 30-day closing to two or three weeks, which comes in handy if a seller needs to quickly move and can't decide which offer to accept. Yours will move to the front if you can accomplish the seller's need to quickly close.

Because mortgage approval is generally the longest contingency to satisfy in a purchase contract, it is to your advantage to obtain a preapproval letter as soon as you're ready to begin your search.

To obtain a preapproval letter please call Celeste Pena with Republic Mortgage. Her direct line is: 435-720-0209. Right now rates are at a historical low. Celeste will ensure the lowest rate possible and she guarantees to beat any Credit Union or Bank.

 

Justin Robins, Realtor
Market Edge Real Estate
801-499-0214

 
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