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What you should know about Mortgage Pre-Approval

Do you often wonder how long would it take to purchase a house? For most people, purchasing a house would be relatively easy task. They may not take up more than few weeks for purchasing a house of their choice. On the contrary, most people would take years to purchase a house. Several aspects would be hampering their process of purchasing a home.

If you were actually contemplating on the duration taken to purchase a house after being approved for mortgage, you should minus the search time of finding the right property. You should be rest assured that it would vary from one person to another. Several factors would be associated for purchasing a house based on the individual applying for mortgage. In event of you having appropriate documents ready to go, able to show your lender you have adequate savings and have been responsible for taking purchase of property, you should be rest assured that it would not be too much trouble to seek pro-approval.

Seeking online pre-approval

You could seek pre-approval online. All you would be required doing is to give Sun West Mortgage a call, create an account and fill in your requisite details.

Pre-approval for mortgage would last for three to six months. However, it would be based on the lender. In event of you not able to secure home during the time, you would require applying for extension of pre-approval. It would entail sending few updated documents pertaining to your financial statement and condition presently. You would be required to go through the pre-approval process again.

Could you put offer on house without seeking pre-approval?

The professionals at Sun West Mortgage would advice you not to do it. In event of you not having pre-approval, here would be no guarantee your loan would be approved by the lender. In case, you make an offer on a house or even place a bid on the house at any auction and it turns out that you were successful, you would be required to pay for the bid placed on the house. In case, you do not have pre-approval and bank decides not to provide you with loan amount that you need, you would be stuck up in a bad situation.