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Call 317-891-0850 today and speak with Bill Snodgrass for up-to-the-minute mortgage rates and information on a free loan pre-approval!
First Place Bank can issue to you a "Pre-Approval" letter which means that they will only need to appraise the home you find later in order to verify its value. Once this letter is issued, you have become a PRE-APPROVED CASH BUYER!
The advantages of PRE-APPROVAL include:
Your purchase offer is taken much more seriously by a Seller. Often, this allows you to buy a home for a lesser price than if you "hope to get a loan".
You will know exactly how much you can afford and avoid wasting time and effort looking at homes you can't afford. You will also avoid the frustration and embarrassment of finding a home you want, only to find out you can't afford it.
You have more time to work out any financing problems you might have. Examples include credit blemishes that are incorrect, family and friend financing assistance, and restructuring your current debts.
Your purchase time is reduced by approximately 3-4 weeks because you won't have to wait on loan approval.
You can lock in your interest rate sooner in the buying process if you expect rates to rise soon.