You may already know how valuable a pre-approval letter is to buying a home. (No worries if you don’t – our “Pre-approval Letter: Your VIP Pass To Homebuying” has you covered!)
But what’s the value in getting pre-approved for a mortgage quickly?
“Getting a faster pre-approval really gives you a competitive advantage in the market,” says IncredibleMortgage Director of Home Loan Operations Janene Olson. “With a pre-approval in hand, you can put in an offer on a home faster.”
"A lot of realtors aren't going to show you a house unless you have a full pre-approval," adds IncredibleMortgage VP of Home Lending Angela Stephens. "And sellers won't even look at an offer that doesn't have a pre-approval attached. They're also looking at how strong the pre-approval is and if it has a lot of conditions."
Stephens also notes that today’s borrowers often face stiff competition in a heavy cash market, where many buyers can purchase properties without mortgage financing. In this landscape, having fast access to a clean pre-approval can be very advantageous.
“It just puts you at the front of the stack of people who are financing,” says Stephens. “It's hard to compete with a cash buyer, but if you've got a really clean pre-approval and they trust the lender that it came from, you're almost golden.”
OK, so faster is better…you get it. Just how quickly can IncredibleMortgage actually let you know if you're pre-approved?
“Within an eight-hour business day, provided you give us the documentation needed for approval – specifically related to income, assets, and credit,” says Stephens.
The documents required to get pre-approved varies by borrower. IncredibleMortgage will customize your borrower needs list depending on your unique situation. (The pre-approval blog we mentioned earlier provides a complete list of documents typically required.)
How is IncredibleMortgage able to do this so quickly?
It’s our secret. We can’t tell you.
Kidding...our innovative AI technology integrated with loan origination software verify work in tandem to validate documentation to make highly efficient lending decisions.
"Our software helps make for a much better customer experience, because it's so incredibly smart," says Stephens. "It picks up things humans might miss, which makes the process easier for everyone."
Is there anything that can affect the speed of the pre-approval process?
"What slows down the pre-approval process most often is the time it takes an applicant to provide us with the documentation we need to make a decision," Olson said. “We really need that credit, income, asset information. It gives us a much better picture and a much less daunting conditions list for you if we can get those things up front.”
How do you apply for pre-approval at IncredibleMortgage?
You have options!
- Submit an application online (fastest option).
- Visit an IncredibleBank branch and talk to a lender.
- Call or email an IncredibleMortgage lender. (You can even meet with a lender virtually.)
Are you ready to take next step in your homebuying journey?
The process is easy!
Work with a lender!
Loans are subject to credit approval.