In a competitive market with multiple offers, sellers often choose the pre-approved buyer even if their offer is slightly lower than other potential buyers without a pre-approval. If a seller wants to close a sale quickly, a pre-approval provides real peace of mind. This is because all the work on the loan, including a full credit underwrite, has already been performed. If you have unconfirmed credit and/or employment history, a free pre-approval can help you find out which type of loan you may qualify.
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