You’re ready to make the move—what’s next?
You’ve been browsing listings and your budget is ready. It’s time to begin the loan application process. But where do you start? We recommend getting pre-approved. In a competitive market, a pre-approval not only helps you stand out, but also helps to show agents you’re serious about buying a home. Instantly you can go from “browser” to “serious buyer.” And the good news is that it’s such a simple process.
Know the difference between pre-qualification and preapproval.
While a pre-qualification can give you a rough idea of how much you’ll be approved for, it doesn’t dive as deep into your credit profile or financials. A pre-qualification can be helpful in the very early stages, but once you’re really ready to start looking and potentially make an offer, you’ll want a pre-approval in hand.
At Guaranteed Rate you could receive a preapproval in as few as 15 minutes, and in about four hours, you can upgrade that preapproval to a commitment letter with full underwriting approval when working with a loan officer.
An effective and efficient process
This is where the Digital Mortgage begins. Through an automated underwriting system, your financial information and credit score are electronically analyzed. The process mirrors the completion of the Uniform Residential Loan Application (form 1003) and as you progress, you’ll receive your credit score and get an approval if you qualify. You’ll also receive notifications along the way, with an automated to-do list showing the necessary tasks to ensure your mortgage process stays on track.
When it comes time to verify your information, this can all be done digitally thanks to cloud-based technology. Through Transfersafe, our secure document imaging system, you can upload all your documents and financial statements, and ensure they’re collected in one safe, easy-to-access place. Our automation tools then allow for digital verification of data with automated bank statement, income and tax return gathering. No collecting paystubs or digging up old files.
Throughout the process, you’ll have the ability to review and approve your application kit, containing your estimated loan costs, interest rate, escrows and other important elements to help make your mortgage experience as smooth as possible.
Now comes the fun part—finding your home.