4 Reasons To Get Pre-Approved for a Loan

 Are you in the market for a large loan-dependent purchase like a new home or a new set of wheels? Don’t forget to get your pre-approval first!

1. You’ll know what you can afford. A pre-approval will tell you exactly how much house or car you can afford, simplifying and quickening your search.

2. You won’t get taken for a ride. When you’re unsure how much you can spend on a car, the dealer may try to sell you one that costs more than you can really handle.

3. You’ll be taken seriously. A car dealer or real estate agent will take you more seriously when you wave that pre-approval in their face.

4. Secure the rate and financing terms you desire. When you’re making the deal for your purchase, there are bound to be some confusing moments as things come together. Some dealers use this as an opportune time to upsell warranties, insurances and other add-ons. While these things require consideration, it’s too easy to tack the costs onto a loan without considering how it will impact payment and overall cost. 

Here at SCU Credit Union, we offer Smart Start Pre-Approval for mortgages. It is a full mortgage application leading to a commitment, subject to property appraisal and other requirements once you find the right property. It is available for all our first mortgage products and offers down payment options starting as low as 5%.  A Smart Start-Pre Approval reduces processing time when a property is chosen and a $200 processing fee is credited towards the closing costs when you finance with SCU Credit Union.

For more information please contact our Mortgage Consultants or call our member service call center at 781-784-7725 or toll free at 1-877-661-3300.