How Verified Approval Gives You an Edge in Home Buying? | reAlpha Mortgage

Buying a home today can feel like stepping into a battlefield. Bidding wars, low inventory, and rising rates mean you need every advantage you can get. Verified Approval could be your not-so-secret weapon.

Heads up: pre-qualification just isn't enough anymore. Sellers want assurance that your financing is rock-solid, and that's where Verified Approval comes in. It's not just a formality; it could be your golden ticket to standing out and sealing the deal.

• Verified Approval offers stronger proof of financing compared to pre-qualification.
• Increases your negotiation power with sellers.
• Reduces the risk of financing falling through.
• Gives you a clear homebuying budget.
• Works for all borrowers, not just VA or FHA clients.

Verified Approval is a lender's preliminary underwriting review. Unlike simple pre-qualifications or pre-approvals, it goes a step further:

• Income, assets, and credit are fully reviewed and verified upfront.
• You receive a Verified Approval Letter that's almost as strong as a full loan commitment.
• Sellers see you as a serious, reliable buyer.

Pro Tip: Think of Verified Approval like boarding a plane with a "Priority Pass" versus waiting standby. You're in a stronger position from the start.

In today’s competitive housing market, having your financing pre-verified isn’t just smart, it’s strategic. Here’s why:

• Gives You Leverage: In a multiple-offer situation, sellers prioritize buyers with financing fully in place.
• Shortens Closing Time: Less underwriting after offer acceptance means a quicker, smoother path to closing.
• Reduces Uncertainty: Fewer surprises during the transaction, minimizing the chances of financing falling through.
• Clarifies Your Budget: Know exactly what you can afford without last-minute hiccups.

According to a 2024 NAR Survey, over 67% of sellers favor buyers with Verified Approval over those with pre-qualifications.

Getting Verified Approval typically involves:

1. Application: Submit an online or in-person mortgage application.
2. Document Upload: Provide pay stubs, bank statements, and tax returns.
3. Credit Pull: Authorize a credit check.
4. Lender Review: Underwriters review your file upfront.
5. Receive Letter: If approved, you receive a Verified Approval Letter.

Heads up: Some lenders call it "full credit approval" or "advance approval," but the idea is the same.

Find the Perfect Mortgage for Your Dream Home with reAlpha Mortgage.

Compare options, calculate payments, and get expert guidance - all in one place.

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Misconception 1: It's Only for First-Time Buyers Fact: It's valuable for all borrowers, move-up buyers, investors, and even second-home buyers.

Misconception 2: It Costs Extra Fact: Many lenders offer Verified Approval at no extra charge.

Misconception 3: It Guarantees Final Loan Approval Fact: It's a very strong indicator, but final approval still depends on property appraisal and final checks.

Buying your dream home doesn’t have to drain your savings. With reAlpha, you can unlock up to 75% of your buyer agent’s commission back - real cash you can use for inspections, closing costs, or even move-in upgrades.

Here’s how it works:

✅ Get 25% rebate by using a reAlpha agent

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Ready to buy smarter and save thousands at closing? Explore your full rebate potential at reAlpha Mortgage.

• reAlpha Mortgage, NMLS #1743790
• reAlpha is a homebuying platform that offers buyers up to 75% of their agent’s commission back when bundling services. Mortgage financing is provided through reAlpha Mortgage.
• Verified Approval subject to underwriting conditions and not a guarantee of final loan approval.
• This article is for informational purposes only and does not constitute financial advice.
• Rates, terms, and conditions are subject to change without notice. Always consult with a licensed mortgage professional.

Verified Approval involves a full underwriter review of your income, assets, and credit, whereas pre-qualification is typically based on self-reported information.

While it significantly improves your chances, final approval still depends on factors like the property's appraisal and final underwriting.

Most lenders can complete Verified Approval within 24-72 hours once all documents are submitted.

Absolutely. Any buyer looking to strengthen their offer in a competitive market can benefit.

Many lenders offer it at no additional cost. Be sure to ask during your application process.

Find the Perfect Mortgage for Your Dream Home with reAlpha Mortgage.

Compare options, calculate payments, and get expert guidance - all in one place.

Check if you qualify