Think & Do Reminders

Pros & Cons of Pre-Approval

Make an itemized list of your own feelings behind each of the Pros & Cons below to honestly assess their impact & value in your life RIGHT NOW.

Pros:

Buying Power!

You have negotiating power with the sellers

Learn Mistakes Early

Have time to clean up your credit report and fix any mistakes that are there

Speed!

Having pre-approval will get your financing on the fast track

It's Your Right

Federal law makes getting your credit report easy. It's your credit after all.

Gets You Ready

Pre-approval gets you ready for the loan process itself

Price Range is Set

Pre-qualification price ranges can often be low while pre-approval rates are closer to accurate.

Cons:

Skeletons

If you have skeletons in the closet-clean them out now

Time

Gathering the information and cleaning credit report mistakes can take time, but it is time better spent on the front end than when a house hangs in the balance

You Have to Wait

If your credit report has negative items, you may have to wait for your dream house and clean up your credit first

POP QUIZ - Pros & Cons of Pre-Approval

Question:

List 3 reasons to get pre-approved for a loan

Let's continue with the Loan Process...

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