Should you get pre-approved?

Over the next couple of weeks/months I thought it would be fun and informative if we could hear from various local experts in the real estate field.  Hayward has many amazing, smart and savvy business people and I think we can benefit from hearing some of the real estate advice they have to offer.  

If you have a topic or and article you would like to us to write about let me know and I will see what I can put together.

For this blog post we have the privilege of hearing from one of our local lending experts.  She has some great wisdom and advice and many years of experience in the lending business.  Her name is Angie Ruid and she is with Community Bank of Northern WI.  If you'd like to reach her or get more information I've posted her contact information at the end of this article.

Thanks Angie for helping us out with our first guest blog post!


Should you get pre-approved?
Many buyers are not aware that by getting “pre-approved” by a lender can actually
speed up the process of their mortgage loan application. In today’s lending
environment with mortgage regulations being tighter than they have in the past it’s
important for buyers to understand that buying a home can be a lengthy process.
By obtaining a pre-approval from a lender you are not only letting the seller know by
presenting the pre-approval letter with the offer that you are a serious buyer, but it also does speed up the loan process with your lender. By providing your personal
information along with your income and asset to your lender ahead of time allows the
lender to pull your credit and determine your credit worthiness prior to you making an
Then once you have the accepted offer the process is much more simplified.
Documentation supporting your income and assets would be collected from the lender
along with the accepted offer to purchase. Once the file is complete with all necessary
documentation including appraisal, title, inspections, etc. the file would then move to the final underwriting stage. At the time of final approval a “Loan Commitment” letter can then be issued to the buyer to remove the financing contingency on the offer to
Should you have questions about how to get pre-approved or about the mortgage loan
process, please don’t hesitate to contact me. With over 25 years in the mortgage
industry, I have the products and knowledge to make your home buying experience the best it can be!

Angie Ruid
Vice President - Mortgage Lending
Phone (715)634-3055
NMLS#747120