The Importance of Pre-Approvals

What Is a Pre-Approval?

Pre-approvals are a breeze and play a crucial role when you’re on the hunt for your dream home in Minnesota. Think of a pre-approval as a seal of approval that gives you the confidence to embark on your home-buying journey. It’s a straightforward process where we thoroughly assess your qualifications for a potential home loan, ensuring you’re ready to take the exciting step of purchasing a home. Say goodbye to guesswork!

During the pre-approval process, we meticulously review your income, credit, and assets. Once everything checks out, we provide you with a letter that confirms you’re “qualified” and ready to pursue a new home loan. Simply gather your necessary documents and submit them to your Loan Officer, and we’ll take care of the rest!

When you’re ready to make an offer on a home, especially in a competitive seller’s market, it’s essential to have the strongest offer possible. That’s where a solid pre-approval comes in. By backing up your offer with proof of funding, you demonstrate your seriousness and credibility as a buyer. A solid pre-approval is like the missing piece that completes your offer puzzle and increases your chances of securing your dream home.


What Makes a Pre-Approval From Treadstone Different?

What sets Treadstone’s pre-approvals for mortgages apart is our exceptional team of Loan Officers. They are the true superstars who go above and beyond to ensure a seamless experience for you. Our dedicated Loan Officers will be by your side every step of the way, maximizing your buying power and helping you establish a realistic budget. This is just the beginning of the incredible support we provide to our valued clients.

Not only do we take pride in our exceptional Loan Officers, but the Michigan housing market also recognizes the quality of our services. Building strong relationships is at the core of what we do, and the Realtors we collaborate with are well aware of it. When a selling agent receives a Treadstone pre-approval, they already know the level of communication and service they can expect (spoiler alert: it’s pretty phenomenal). We prioritize delivering outstanding experiences to both our clients and the real estate professionals we work with.


How Does a Pre-Approval Benefit Your Home Purchase?

By having proof of funds and loan eligibility, your offer becomes significantly stronger! In a pool of competing offers, the one that stands out as most likely to close smoothly and on schedule takes the victory. And that’s precisely what a pre-approval from Treadstone accomplishes – it gives the selling agent the assurance that you are highly qualified and prepared to close without any hiccups along the way.

The selling agents we frequently collaborate with regard Treadstone’s pre-approval as “as good as cash.” This reputation speaks volumes about the level of trust and confidence they have in our pre-approvals. It positions you as a serious and reliable buyer, boosting your chances of winning in a competitive real estate market. With Treadstone by your side, you can navigate the homebuying process with ease and make a compelling offer that stands out from the rest.


Pre-Approval vs Pre-Qualification

Pre-qualifications and pre-approvals serve the purpose of helping you determine your house-buying budget. While they have a similar goal, they are distinct processes.

Pre-qualifications provide a ballpark estimate based on a simple math equation using your income and debt. It’s a quick and accessible calculation that anyone can do.

In contrast, a pre-approval involves a detailed evaluation of your income, assets, and credit. Our licensed Loan Officers in Minnesota thoroughly assess your financial situation to determine if you qualify for a home loan. Once approved, you receive a pre-approval letter to use while house hunting.

With a pre-approval from Treadstone, you can confidently navigate the housing market, knowing that professionals have evaluated your financial readiness. Our aim is to ensure you are well-prepared for homeownership.


How Do I Get a Pre-Approval for a Mortgage?

This one’s a piece of cake! Simply get in touch with one of our friendly licensed Loan Officers, and they’ll be more than happy to provide you with all the information and resources you need to get started on your journey. The best part? Our pre-approvals come at no cost to you! So, don’t hesitate to reach out and take advantage of this valuable opportunity. We’re here to help you hit the ground running and make your homebuying experience a breeze.


When Should I Get Pre-Approved?

Even if your home purchase is scheduled for next year, it’s a great idea to reach out to your Loan Officer now to assess your financial situation and ensure it meets the lending requirements. If your current finances don’t align with the requirements, no worries! We can work together to create a tailored game plan that puts you in a strong position when the time is right to buy. By keeping your pre-approval up to date, you and your real estate agent will have the assurance and confidence to explore various financing options and make competitive offers on homes. It’s all about being proactive and setting yourself up for success in the homebuying process. So, don’t hesitate to get in touch with your Loan Officer and start planning for your future homeownership journey today!


How Long Are Pre-Approvals Good For?

Pre-approvals for mortgages typically have a validity period of 90-120 days. But here’s the good news: if your pre-approval expires, there’s no need to worry. Your dedicated Loan Officer will be there to assist you in obtaining a new one.

However, it’s important to keep in mind that if your financial circumstances undergo any changes during that timeframe, it’s essential to reach out to your Loan Officer promptly. This ensures that your pre-approval terms remain accurate and up to date.

Are you excited to take the next step? We’re here to support you throughout the process and get you started on your homeownership journey. So don’t hesitate any longer – let’s dive in and make your dreams a reality! Contact us today to get started.