The Loan Process

Obtaining a pre-approved mortgage is a great way to begin your home-buying process. With mortgage approval, you are in a better position to negotiate with sellers. You will also be able to close on a property more quickly than other buyers can. A secured mortgage approval shows the seller how serious you are about his property and it will make the seller more comfortable working with you. In a "seller's market," or where the number of properties on the market is limited, a pre-approved mortgage is essential.

Many buyers apply for a loan and obtain approval before they find the property they want to buy. Why? Pre-approval will help you in the following ways:

• Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you make.
• You won't waste time considering homes you cannot afford.
• A Seller may choose to make concessions if he knows that your financing is secured. You are considered a cash Buyer, and this may make your offer more competitive.
• You can select the best loan package without the pressure of time.

If you'd like more information on the loan process, we encourage you to contact our recommended lender, Susie Bohnert. You can also contact us directly with your mortgage questions.

Susie Bohnert
Cell: 206.713.4630
Office: 866.526.7440
Email: sbohnert@olynorthwest.com