The Benefits of Pre-approval

Pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure.  Here’s why pre-approved buyers are ahead in the home buying game.

• If you make an offer on a home and then apply for a loan, you are at the lenders mercy, who is aware that you do not have time to shop around.
• Pre-approval saves time spent looking at houses you cannot afford.
• A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.
• Pre-approved buyers can generally close on their new home more quickly, since most of the work has already been done.

Visit us at www.merrimackmortgage.com/branch/camden or call us at 207-230-1275 for more information or to get pre-approved!