Because there is no window period while your loan application is processed, the lender can speed up the entire
processing procedure. Appraisals can be ordered immediately. It is possible to shorten a 30-day closing to two or
three weeks, which comes in handy if a seller needs to quickly move and can't decide which offer to accept. Yours
will move to the front if you can accomplish the seller's need to quickly close.
Because mortgage approval is generally the longest contingency to satisfy in a purchase contract, it is to your
advantage to obtain a preapproval letter as soon as you're ready to begin your search. Lenders will render a
decision based on your complete loan application, employment verification and data from all three credit