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Should I Get Preapproved for a Home Loan?

You’re in the market to buy a home. Whether you’re new to the home-buying process (or it’s just been a while), you’re wondering whether getting preapproved for a home loan is something worth your time.

The short answer from our team at GVC Mortgage: Yes.

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.

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.

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!

For more information on preapproval or mortgage loans, contact GVC Mortgage of Indianapolis at (317) 564-4906. Our mortgage professionals can help answer your mortgage questions and even schedule a personal consultation.

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