When should I start looking to get preapproved?

Preapproval is a crucial step in securing a mortgage for your new home. But when is the best time for you to get preapproved? Immediately!

You should meet with a loan officer three to six months before you plan on moving. If you are looking to move quickly, talk to a loan officer as soon as you can.

We recommend sitting down with a loan officer and getting preapproved before you even begin looking at houses or meet with a realtor. If you come in before you start shopping we can take a look at your credit, establish a price range, and put together a plan for the home buying process. Preapproval will give you a clear picture on your current financial status and will allow you to understand the price range you can work with. This can save you a lot of heartbreak if, for example, you have been looking at $400,000 homes but are only approved for a $200,000 loan.

If you’ve had credit issues or bankruptcy in your past, it is especially important that you meet with a loan officer as soon as possible – you may be looking at more than a six month process. All loan programs require borrowers to be out of bankruptcy for a minimum number of years. If you have or have had credit issues, we can help design a plan to get you back on track.

What if you have already begun looking at houses? Is it too late for preapproval? Absolutely not, you can get preapproved at almost any point in the process. A letter of preapproval is necessary to secure a mortgage loan, so why not get one sooner than later?

Call us today at 865-909-0211 or email mpadgett@keystone-mortgage.com to learn more about preapproval. Keystone will start you off on the right step in your home buying process.

Keystone Mortgage provides Tennesseans with the best mortgage experience, period. So what are you waiting for? Apply here now.

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P.S. This is the first post in our new Q&A blog series. Please, tell us how we are doing. We want to make this as informative as possible for you and we would love to hear any suggestions, criticism, or feedback that you have!

P.P.S. If you have any questions that you would like answered by a mortgage loan officer, let us know! We will answer any and all questions that you have.

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