Atlantic Union Bank: Home Loans Pre-Approval Program
Preferred Buyer Pre-Approval: Gives you a pre-approval for a loan scenario with a specific loan amount. Your documentation is verified, but not reviewed by an Underwriter. Consider doing this when you’re ready to begin the homebuying process, but haven’t started looking for a home yet.
Pre-Qualification: Gives you a sense for your home price range and estimated closing costs based on information you provide that hasn’t been verified. Consider doing this when you’re early in the home buying process and want to get a sense for the amount you can qualify for.
Certified Buyer Pre-Approval: Gives you a fully approved loan commitment based on information you provided that’s been fully verified. Consider doing this when you’re ready to start looking for a home, so you can write an offer with the confidence of being fully approved already. This will make you as attractive as a cash buyer when negotiating for your home.
The housing market is becoming increasingly competitive and it’s more difficult than ever to win purchase bids. With that being said, it is no longer the “highest and best” amount that wins the bid. A Certified Buyer Pre-Approval is an incredibly powerful negotiating tool, which can make the difference between your offer being accepted over another.
Let’s take a deeper dive at how the different options compare, so you can make an informed choice.
If you are working with a Mortgage Loan Officer, contact them to discuss which option is best for you. If you aren’t, find a local mortgage professional or learn more about our mortgage offerings here.