Everything You Need To Know About Mortgage Pre-Approvals

Jim Hills

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The best houses sell fast - be ready when your dream home comes on the market, by getting a pre-approval. The mortgage experts at Honor Bank are here to help!

In a bustling real estate market like that of Traverse City and the surrounding area, getting pre-approved for a mortgage can be the difference between getting the house of your dreams and losing out to another buyer.

Below is everything you need to know about mortgage pre-approvals.

Let Everyone Know You Are a Serious Buyer.

A pre-approval from Honor Bank lets everyone – from your real estate agent to the seller – know you are a serious buyer for a mortgage you can afford. You eliminate the risk of being treated as a casual shopper – you command the attention and extra effort of a serious buyer.

It's risky to make an offer on a home, it you’re not pre-approved. Realtors and sellers are less willing to accept offers from a buyer without a pre-approval. Odds are, they’ll go on to the next offer—and you’ll miss out. However, if you are pre-approved, you have more room to negotiate.

Know the Extent of Your Buying Power.

Your realtor can better direct you in the home-buying process, knowing that you have buying power. Sellers are more responsive, knowing they are dealing with a prospect who has been pre-approved for a loan. And you will have the extra confidence to examine your options objectively, knowing the extent of your buying power.

Streamline Your Buying Process.

A pre-approval keeps you moving throughout the home buying process. Because you are pre-approved before making an offer, once it's accepted, you can close and be in your new home sooner.

Working with a Local Bank.

Many realtors will tell you that when a buyer brings them a pre-approval from a local lender like Honor Bank, they know that it means something. Don't be fooled by "missile mortgage", with promises of a pre-approval in minutes. Because we work with you one-on-one, when Honor Bank issues a pre-approval letter, the Realtor has more confidence that you are a qualified buyer.

The Process is Easy.

Getting a pre-approval is easy and fast. Simply complete our contact form and someone from the team will be in touch ASAP. We will work with you to answer all your questions and get you a pre-approved fast!

Click here to download your mortgage application checklist 

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