It’s common knowledge that the housing market really picks up in the spring. After those long, hard Indiana winters, homeowners are ready for a change and we’re already seeing houses fly off the market. So what does this mean for the prospective buyer? It means that in order to secure your dream house, you can’t let anything stand in your way. Our team at GVC Mortgage is here to help. We encourage you to get preapproved for a home loan right away so that when that perfect house comes on the market, you are able to scoop it up without wasting any time.
What Is Preapproval?
Getting preapproved for your mortgage means that you work directly with a mortgage company to verify how much of a loan you can afford and whether you have sufficient means to pay it back. You will have to provide a wide range of documents so that the lender can verify your income, assets, debts, credit history, employment history, and so on.
Why Is It Important?
To homebuyers like you, preapproval is a huge asset. A preapproved buyer usually is more attractive to sellers than a buyer who isn’t. Being preapproved means that the seller can confidently accept your offer, without worrying whether your home loan will be approved. Plus, being preapproved can minimize the time you’re under contract, getting to that all-important closing date as soon as possible. That’s a win for everyone!
What Comes Next?
After the mortgage company has thoroughly inspected your financial history, they will decide whether to agree to issue you a home loan and how much to lend. If the answer is “yes”, then you’re considered preapproved for a mortgage and you can get to work finding your dream home.
For more information on preapproval or mortgage loans, contact GVC Mortgage this spring at (317) 564-4906. Our mortgage professionals can help answer your mortgage questions and even schedule a personal consultation.