Skip to Content
Home Hunter: Login   Register
Judy Minner

Judy Minner

REALTOR®, Broker , CNE, GRI

C. (309) 645-8845    F. (309) 698-2248
Send Email

Get Pre-Approved

If you would like more information or have any questions about getting pre approved please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Get Pre-ApprovedMost mortgage lenders take the guess work out of applying for a loan by figuring out for you the amount you can afford to borrow. Then, they give you a printed document stating the maximum mortgage amount you qualify for based on your particular finances and income. Mortgage pre-approval establishes your price range and strengthens your buying position by letting the Seller know that you have already been approved for the loan. It can also ease time constraints once the purchase agreement in signed between Buyer and Seller.

 

Consider these Scenarios:

You're out looking at homes. Your Real Estate Broker never mentions that you should get pre-approved and just ballparks what you can afford. Of course, the more house he shows you, the better he usually comes out. You find the perfect house and work out a deal with the Seller. Three weeks later, the lender informs you that the house is $10,000 over what you qualify for and does not approve your loan. The Seller has already bought another house. You've given notice where you're renting and told all your friends about the great house you bought. And then, there's the money you've already spent on inspections on a house you can't own.

You and your REALTOR® have been working diligently finding that "perfect" home. A new listing comes on the market that's priced right and has got everything you've been looking for. You write an offer. Your REALTOR® takes it to the listing REALTOR® and is informed that another offer is coming in and will have to present both offers simultaneously to the Seller. The other Buyer is pre-approved for his loan. Whose offer do you think the Seller will negotiate first?

Should You Get Pre-Approved for a Loan First? Most Definitely!

If you would like more information or have any questions about getting pre approved please Contact Us. Visit our Buyers Page or Sellers Page for more information about buying or selling a home or property.

Information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the Peoria Area Association of REALTORS®. Real estate listings held by brokerage firms other than this site-owner are marked with the PAAR logo and detailed information about them includes the name of the listing brokers.

The accuracy of all information, regardless of the source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals.

Copyright © 2017 Peoria Area Association of REALTORS®., All rights reserved.

East Peoria Office
821 W. Camp Street
East Peoria IL  61611
(309) 698-5600
Real Estate License # 475.128283
Fair Housing and Equal Opportunity Fair Housing and Equal Opportunity