Demystifying Pre-Approval with Woodbridge Pacific Group
February 01, 2024
Unlocking the door to your dream home begins with a simple yet crucial step: getting pre-approved for a mortgage loan with our preferred lender. In this blog, we demystify the pre-approval procedure and how to navigate the initial steps toward homeownership. Though it can seem daunting, obtaining pre-approval is more straightforward than you think.
What Is Pre-Approval?
Getting pre-approved for a mortgage loan involves a thorough assessment of your financial standing by our preferred lender. Essentially, it provides a clear picture of how much you can afford to borrow and assures us that you are a serious and qualified buyer. During the pre-approval process, our preferred lender evaluates your credit score, income, reserves, tax returns, and other financial details.
Do You Have To Get Pre-Approved?
Simply put, yes. Whether you’re planning to pay in cash or obtain financing, finance through a lender, Woodbridge Pacific requires potential homebuyers to be pre-approved by our preferred lender, US Bank. A pre-approval mitigates risks for both buyers and sellers, setting realistic expectations and ensuring a smoother transaction by identifying and addressing potential financial hurdles early in the process. It’s also important to keep in mind that we highly recommend getting pre-approved before falling in love with your dream home to avoid any setbacks. After you are approved, you are not obligated to use US Bank to finance the purchase of a Woodbridge Pacific Group home.
However, partnering with US Bank as the preferred lender streamlines your homebuying journey and comes with key benefits. Homeowners who finance through US Bank will receive a lender incentive at the close of escrow that can be applied to closing costs and interest rate buydowns. US Bank's process is tailored to Woodbridge Pacific Group's requirements, reducing potential delays and facilitating a smooth financing process, which is especially advantageous in competitive real estate markets.
What Does the Process Entail?
Getting pre-approved is very straightforward and requires just a handful of items to kickstart the process. Potential homebuyers only need to provide standard personal information along with two years of:
Income Tax Returns
The process is designed to be accessible, and once your application is submitted, US Bank may request additional items to complete your pre-approval. As is standard practice for all mortgage loan providers, your credit will be pulled during this process. US Bank will then communicate the results of your application and guide you through the next steps to make your dream of owning a Woodbridge Pacific Group home a reality. Our Sales Counselors and the team at US Bank are here to help guide homebuyers every step of the way, making the journey to homeownership as stress-free as possible.
How Do I Start?
Explore our FAQs that will assist you in navigating the path to your dream home with Woodbridge Pacific Group and US Bank. With a straightforward pre-approval process that requires just a few standard documents, the journey becomes accessible for all, whether you're considering a cash purchase or financing. Don't wait—take the first step towards your dream home today. Click here to start your pre-approval process, and let us guide you on this exciting journey.