RCU Gold Key Pre-approval Program
Before you shop for a home, it’s smart to consider your financing. RCU offers a free pre-approval program that can help make your home buying experience easier.
A home loan pre-approval lets you know how much house you can afford. It will also identify any credit problems you might have so you can start to correct them. It helps you and your realtor narrow the field and focus on homes within your price range. Then when you find the right house, a pre-approval can make your offer stand out to a seller, especially if there are multiple offers.
Once your offer is accepted, your loan will need final approval based on the purchase agreement, appraisal, and underwriting. But your pre-approval will streamline this process as well.
Pre-approval or pre-qualification?
The difference between pre-approval and pre-qualification is in the validation of your information.
Pre-qualification – you provide a lender with basic information on income and debt and the lender gives you a ballpark amount they may be willing to lend. Your financial information is not verified through credit report or other review so there is no certainty that the amount will be approved.
Pre-approval – you complete a mortgage application that is reviewed along with credit report and income verification. Because your financial information has been verified, the pre-approval process gives you a more accurate idea of how much you can borrow.
You saved and planned to buy a home, so start with your financing and let RCU help. Complete our online application or contact an RCU Home Loan Representative to start your pre-approval. Once complete you’ll receive documentation of your pre-approved loan amount to share with your realtor.