Securing a mortgage preapproval is your first step towards homeownership. At Velocity Mortgages, we streamline this essential part of the home-buying journey, offering you a clear path forward.
In competitive housing markets, a preapproval letter shows sellers you’re serious and financially ready to purchase. It gives you an edge over other potential buyers who may not be preapproved.
Strengthen Your Offer
Preapproval calculates the mortgage amount you qualify for based on your income and monthly debt obligations. This determines the maximum price of the home you can afford, along with the required down payment, effectively focusing your home search within your financial limits.
Understand Your Budget
With interest rates fluctuating, getting preapproved can lock in a rate for a specific period, allowing you to shop for your property without worrying about rising rates impacting your buying power.
Lock in Your Rate
Having your finances preapproved accelerates the closing process once you find the right home. Sellers often prefer to negotiate with buyers who have confirmed they can obtain financing.
Speed Up The Process
