How Does A Pre-Approval Benefit You?
Do you know how much home you can afford? Do you know what your monthly payment will be? Do you know what the closing costs will be? By getting pre-approved, you can shop for your home with confidence and get the answer to all these questions. It’s also a good idea to know how expensive a home you can afford before you start shopping for one. If you provide a pre-approval letter, real estate agents and sellers will know you are a serious buyer. Chittenden County is experiencing a very active market, a pre-approval letter is a must with your written offer. With a pre-approval letter, the seller will be much more apt to take an offer from a buyer that has been pre-approved. Don’t risk your chances of losing the home you’ve just fallen in love with…Get pre-approved first! It’s a quick and seamless process!

Financial Information Needed for Pre-Approval
• Most recent pay-stub
• Most recent W-2 or 2 years of tax returns if self-employed
• Most recent bank statement from each account that you have

By bringing the financial information needed, we can issue a pre-approval letter within minutes, which is only contingent upon you finding a property! We will also provide you with a good faith estimate, which details your monthly payment, closing costs, and down payment requirements for as many programs as you desire for your specific needs. This process can also be done over the phone!

A Second Opinion Pre-Approval
It may be a good idea to get a second opinion if you are already pre-approved to compare programs and terms that were offered to you. Spruce Mortgage offers the leading pre-approval program in the industry.

Why Should I be Pre-Approved
Exactly how much of a home can I buy?
By getting pre-approval before you make an offer, you will be certain of the amount of the loan, you will qualify for. We can provide you with full credit approval in advance, which will allow you to shop as a cash buyer. With written approval in your hand, you can make a more aggressive negotiation and this could save you thousands of dollars on your home purchase.

There are so many loan options…How will I know which one is best for me?

When you are pre-approved by Spruce Mortgage, you will have access to hundreds of loan programs. We will determine what programs you do qualify for, and narrow it down to the one that is right for your long-term goals.

What Will My Payments Be?
The amount of your monthly payment depends on the specific loan program you choose. We can provide you with an easy-to-read spreadsheet that compares different loan programs so that you will feel comfortable about your monthly financial obligation before even making an offer on a home.

What is Credit Scoring and How Does it Work?
Credit scoring is an evaluation system used by lenders to help them determine whether or not they should lend you money. This system grades you based on 5 different factors, including your payment history, outstanding credit balances, credit history, they type of credit you have accumulated, and the number of inquiries on your credit record. Points are awarded for each factor, with a high score being favorable.

How Much Does it Cost to be Pre-approved?
Absolutely nothing! You have nothing to lose and everything to gain. We provide free consultation to all our clients at all times. Our goal is not only to help you find the best loan now, but also to help you manage that financial responsibility in the future by reviewing your options on a regular basis.

How Will Pre-approval Benefit Me When I Make an Offer?
Full credit approval gives you buying power. It allows you to shop as a cash buyer; you can negotiate more aggressively and potentially save thousands of dollars. The seller will take your offer more seriously because they will know you already have approval from a lender.