Step 1: Get your Mortgage Preapproval

Thinking of buying a home in Madison, WI? A mortgage preapproval is your first step on the path to owning a new home. Our recommended lending partners will capably guide you through the process in a quick and efficient fashion. Then our real estate team will assist you with your plans to buy your home or condo. At Mad City Dream Homes, we have all the resources you need to finance, find, and close on your dream home. 

Getting pre-approved for your Madison home is easy when you contact one of our preferred lending partners. View our lender profiles and call a lender who is a good fit for you. Or get started with your preapproval right now by completing the form below. One of our recommended lenders will follow up with you to complete the process.

Sign up for your Madison Pre-approval Now

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What is a Mortgage Pre Approval?

When you apply for your home loan, you will submit your basic financial information for your lender's review. Your lender will review and validate the information you've provided. Your lender will also review your credit history. If all is well with your application, you will receive a preapproval letter which indicates your lender's intention to finance your purchase up to a specific dollar amount.

5 Reasons to Get Your Mortgage Pre-approval Now

  1. Your mortgage pre-approval allows you to focus your home search on a price range your finances will comfortably support. When you apply for a loan, you and your lender will have a conversation about available loan programs, your down payment amount, and your total estimated monthly payment for your new home. Your mortgage principal, interest, property taxes, property insurance, private mortgage insurance (PMI), and your monthly condo fees will all factor into your costs of owning a home, depending on your specific situation.
  2. Your preapproval letter allows you to act quickly once you've found the right home for you. In a seller's market, many homes sell quickly, sometimes within days or even hours of going on the market. A pre-approval letter allows you to act decisively once you've found your dream home. 
  3. Your preapproval can lend more weight to your offer. Your REALTOR will submit your mortgage pre-approval letter with your offer, showing the seller you are financially qualified to purchase her home. This can improve your chances of landing your dream home when you and other buyers are competing for the same property. 
  4. Underwriting standards change over time. The mortgage industry is constantly changing. If you have been pre-approved for a home loan in the last two years, there's a good chance underwriting standards have changed since your last pre-approval. 
  5. The preapproval process could uncover an issue with your credit, which could potentially affect your interest rate or your ability to get a loan. When your lender pulls your credit, she'll be able to determine whether there are any blemishes in your credit history. If there is a blemish, you can work to repair the issue and improve your credit score.  

Important Notes about your Mortgage Preapproval

A pre-approval indicates a lender's intent to finance your home, but it is not a guaranty. Several factors can impact the lender's ability to fund your loan. These include changing interest rates, or changes to your job status or credit history. Certain property defects or a property's appraised value can also impact your lender's ability to fund. 

Are you in need of a mortgage pre-approval in Madison, Wisconsin? Contact us and tell us more about your goals. We'll be happy to refer you to a local lender who's a good fit for your needs. 

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