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, we want to give you every possible advantage to land your dream home. Apply using PowerBid Pre-Approval and show sellers and agents that you’re serious about getting the new home or condo you deserve.
The pre-approval process takes only about 15 minutes on average, and you can upgrade to a commitment letter in about four hours when working with a Guaranteed Rate 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.
PowerBid Approval (the “Approval”) is contingent upon receipt of executed sales contract, an acceptable appraisal supporting value, valid hazard insurance policy, and a re-review of your financial condition. Guaranteed Rate, Inc. reserves the right to revoke this Approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.