Can I apply for a loan before I find a property to purchase?

Can I apply for a loan before I find a property to purchase?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, and if you qualify, we’ll issue a pre-approval subject to you finding the perfect home*. You can use the pre-approval letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-approval for a mortgage may give more weight to any offer to purchase that you make. When you find the perfect home, you’ll simply call your Loan Officer to complete your application.

*The conditional pre-approval is based on the applicant’s good credit, the information provided in the loan application and the current initial interest rate. The current initial interest rate is not guaranteed. Therefore, should the initial rate increase or decrease, the amount for which you have been conditionally pre-approved will be adjusted accordingly. Any material omission or misrepresentation in your loan application may void your Conditional Approval. Any material or adverse change in your financial position or credit rating may also void your Conditional Approval. Your Conditional Approval does not constitute final loan approval or a commitment to rate, fees, or terms. CU Partners, a division of Stearns Lending, can issue you a written loan commitment only after receiving, verifying, and approving a completed loan application package and any related documentation. Final loan approval is contingent upon an acceptable property appraisal, a fully executed purchase contract, a preliminary title report, final underwriting and any other verification required by the Underwriter. Stearns Lending, Inc., is a Direct Lender and is prepared to fund this loan, with the required documentation, within the specified escrow period.