Century Pre-Approval

What does a pre-approval letter mean to me, as a potential homebuyer?

Before seriously shopping for a home, it is advantageous to become pre-approved for financing. Some people are clear on the concept, others maybe not so much. That’s why we are here!  We want to help you understand the importance of what it means to become “pre-approved” in the home buying process. Below are a few points on what preapproval is and why it’s important to you as a homebuyer.

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1. Pre-approval, think of it as a master key.
A pre-approval from Century Mortgage Company lets you know what loan amount you qualify for to purchase a home. Not sure if you’ll be able to qualify to buy that house you want?  We will tell you!  Give a Century Loan Officer information about your income, assets, and identifying information to let them run a credit report. Then you can be informed of your loan options. A Century pre-approval gives you both a frame of reference and valuable information. With a pre-approval letter, you mean business!

2. Small and cozy, or XXL and grand?  You will know.
Most of the time, a homebuyer simply wants to know “What will my monthly mortgage payment be?”  When shopping for a home, you might have a number in mind of how much you can pay each month, but is that realistic given the price range of the homes you are considering?  Could you purchase a larger home than what you originally thought?  In what price range should you be looking?  All of these are questions a pre-approval can help you more realistically answer.  There are still other factors that play into the monthly payment calculations (down payment percentage, mortgage insurance, property taxes, your current credit and/or debts, etc), but taking the time up front to get pre-approved can help aid you in your search for the perfect home.
 
3. Room for negotiation?  Go ahead, you have the edge.
Sellers often prefer to negotiate with pre-approved buyers because the seller knows you qualify to obtain the financing they need to close the transaction. They know you are serious. You will feel more confident about making an offer with a pre-approval letter in hand and the knowledge that you'll be able to obtain a mortgage.

4. A realtor can go from 110% to 200% for you.
A pre-approval letter informs your real estate agent that you are a qualified buyer who is serious and confident about purchasing a home. The increased probability of a closed sale -- and a commission -- will prompt your agent to devote more time and energy to finding you the perfect home that realistically fits within your budget.

5. Helps you save valuable resources.
You will save time, fuel and energy having a pre-approval letter in hand. This will give you a firm understanding of your buying power, the ability to fearlessly negotiate a contract, and the resource to plan beyond the home purchase.
 
6. A Century pre-approval is a little like putting your own entourage at the wheel of racecars.
On top of all the points made about the necessity of being pre-approved at the front end of your home search, imagine having that with industry standard breaking speed that only comes from an efficiently running team – all working on your behalf. Our loan officers are backed by Century’s in-house lenders, underwriting and corporate support teams. It’s true - Century Mortgage as a company has garnered numerous awards and accolades in our 20 year time, but so have many of our loan officers. We know as a company, and as individuals, that excelling gets us closer to the goal. Our goal is your goal – closing on your home financing.

 

Click here to get started  - contact a Century Loan Officer today.