When it comes to buying a house in a Seller’s Market, buyers need to move quickly. Sellers aren’t going to wait for you to get your ducks in a row before they move on to the next interested party. So it’s important that you have your financing figured out before you start seriously looking at property. If you will be getting a mortgage, here are some helpful tips to get pre-approved fast.

1: Figure Out the Costs
When buying a property, you need to understand your target price range. It’s also important to tell your lender how much money you want to use for your down payment. Doing this will help speed up the process of gaining the pre-approval.

2: How’s Your Credit?
Before a lender gives you a pre-approval, they will want to check your credit. Best practice for a buyer is to already have an idea of what your credit score looks like. If you know you need to make improvements, ask your lender what you can do. They know what looks strong on a credit report and can tell you what changes will help to increase that score more quickly.

Having this information about your credit also helps you not be surprised with your mortgage offer. Remember that better credit = better mortgage terms.

3: Have Your Paperwork Ready
Ask your lender for a list of whatever paperwork they will need during the approval process so you can deliver it to them with your pre-approval application. If they have to ask you for anything during the process, you will more than likely face delays.

4: Be Clear with the Lender
When you are proactive and bring the lender everything they have asked for in an organized way, they should be able to pre-approve you rather quickly. Keep in mind this would not be the case if a buyer has complications such as bad credit, or unusual employment structures, however the lender should still be able to give you an answer in a few days despite any complex situations.

As you can see, having a pre-approval from a financial institution is a buyer’s must have tool when negotiating offers. You can get approval fast if you do your homework and a little bit of preparation. When you have a pre-approval, your chances for successfully making an offer go up significantly even in a competitive market. Are you ready to talk to a lender now? We would be happy to share a list of lenders who would be able to help you. Contact Us and we can send you the list.

*Please note that we are not mortgage brokers or lenders, and these tips are based on our experience as Real Estate Agents working with and talking to local lenders as well as borrowers. Make sure to consult with your chosen lender or mortgage broker to confirm the best ways for you to get pre-approval fast.