You’ve started the home-search process and identified some houses you like. Now you’re probably wondering, “How long does mortgage pre approval take?” Preapproval is a critical first step of the mortgage process that ensures you’re shopping for homes that align with your budget and your ability to make monthly mortgage payments.
But not all mortgage pre approval processes are alike. If you’re working with a traditional bank versus a mortgage company, like OVM Financial, pre approval might take up to 10 days. But at OVM Financial, we can pre approve a mortgage loan the same day you apply in many cases.
Obtaining mortgage pre approval with OVM Financial
Because OVM Financial is an independent mortgage company focused solely on home lending, we offer faster mortgage pre approval than banks. In fact, we can pre-qualify you for a mortgage loan in as little as one day. Here’s how it works:
1. Start your mortgage application with our Quickstart app. This process will take about 15 minutes. With a solid credit score and employment history, you may gain mortgage pre approval the same business day.
2. Provide additional documentation if requested from an OVM Financial loan officer after your initial Quickstart application submission. Such a request might include copies of your W-2s or bank statements, for example.
3. Work with your OVM Financial loan officer to build a personalized mortgage plan. If mortgage preapproval seems unlikely based on your initial application, your loan officer will help you plan next steps for gaining preapproval, whether that means supplying more documentation or paying down previous loan commitments or credit card debt.
Why do I need mortgage pre approval?
While you may think you know how much home you can afford, most home sellers won’t sign a contract without evidence of your financial ability to buy the home. A mortgage pre approval shows the home seller you can afford the offer you’re making.
Additionally, mortgage pre approval can help you with your home search. It gives you a clear picture of your financial standing, what you can afford, and will prevent you from purchasing a home that is ultimately beyond your means.
Keep in mind that a mortgage pre approval will require a hard check on your credit report that could potentially lower your score by up to five points, so be sure you’re ready to begin the home buying process before you apply.
Ready to begin your mortgage preapproval process? Start your application in Quickstart, or reach out to an OVM Financial loan officer to learn more about qualifying for a mortgage and what happens if you change jobs during the mortgage application process.
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