What is a mortgage pre-approval?
A mortgage pre-approval is an assessment from a lender indicating how much of a home loan you can qualify for, which the lender will determine after they have evaluated your finances.
This step is really important because it helps to clarify your house-hunting budget and the monthly mortgage payment you can afford. Before lenders decide to pre-approve you for a mortgage, they will look at several things:
- Credit history
- Debt-to-income ratio
- Credit score
- Employment history
A Homeward Approval is a step beyond the traditional mortgage pre-approval. A traditional pre-approval says that the lender may give you funds in the future, after a 30-45 day approval process, assuming they don’t find anything unexpected when they dig further into your finances. This scares sellers because they’re not sure if you’ll ultimately get the funds to close the deal.
A Homeward Approval means we’ve agreed to use our cash to secure your next home, without an additional month-long approval process. This all-cash offer is also more competitive than a mortgage-backed offer. Cash offers are 2-3x more likely to win vs.contingent offers and you can often get a discount of up to 5% off the list price with cash.
We’ll also evaluate your current home and calculate your home equity so we can determine your exact cash offer buying power.
Homeward is the solution for homeowners who want to buy a new home but have to sell their current home first to afford it. We’ve reversed the home buying process, putting you in the driver’s seat to buy the home you want, when you want it. You use our cash to secure your next home, then move in on your timeline. Finally, you sell your existing home for it’s full market value and re-purchase the home from us.
In other words, Homeward helps you buy before you sell.
To apply it takes less than 3 minutes.
- Get approved
It takes minutes to apply
- Make an all-cash offer
Use our funds to make a cash offer on your dream home
- Move into your new home
Rent your new home from us until your old home sells
- Sell your old home
Take up to 6 months to sell your old home - if it doesn't sell, we'll buy it from you
- Buy your new home
Buy your new home back from us at the original price, plus a 1.9% fee
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