In the competitive real estate market, standing out as a serious buyer is crucial. Rocket Mortgage offers LoanDesk clients a powerful tool to help you do just that: the Verified Pre-Approval. This process goes beyond standard pre-approval by thoroughly verifying your financial information, providing you with a more credible and robust offer. Here’s everything you need to know about Verified Pre-Approval and how it can benefit your home buying journey.

What is Verified Pre-Approval?

Verified Pre-Approval is a step up from a traditional pre-approval. While a standard pre-approval involves a preliminary review of your financial situation, a Verified Pre-Approval means that Rocket Mortgage + LoanDesk have already reviewed and verified your income, assets, and credit. This additional verification can give you a significant edge in the home buying process.

Why Choose Verified Pre-Approval

1. Enhanced Credibility with Sellers

A Verified Pre-Approval letter shows sellers that you are not just a potential buyer, but a thoroughly vetted one. This can make your offer more attractive, as it indicates that there are fewer hurdles to clear before closing. In a competitive market, this enhanced credibility can make a significant difference.

2. Fast Closing Process

Since much more of the verification work is already done during the Verified Pre-Approval process, the time to close can be shorter. This can be a compelling advantage for sellers who are eager to close quickly. It also means less stress and uncertainty for you, the buyer, as many of the financial checks are already complete.

3. Accurate Budgeting

With Verified Pre-Approval, you have a clearer and more accurate understanding of how much you can afford. This helps you focus your home search on properties that fit within your budget, saving you time and avoiding potential disappointment.

The Verified Pre-Approval Process

1. Initial Application

Start by completing an initial application. You’ll provide basic information about your financial situation, including your income, employment, and assets.

2. Document Submission

To move from pre-approval to Verified Pre-Approval, you’ll need to submit documentation to verify the information you provided. This may include pay stubs, bank statements, tax returns, and other relevant financial documents. Rocket Mortgage + LoanDesk use secure technology to streamline this process, allowing you to upload documents directly through their platform.

3. Verification Process

Rocket Mortgage will review and verify the submitted documents to confirm your financial standing. This step involves a more thorough examination compared to a standard pre-approval, ensuring that the information is accurate and complete.

4. Receive your Verified Pre-Approval Letter

Once the process is complete, you’ll receive a Verified Pre-Approval letter. This letter can be presented to sellers as proof of your serious buying intent and financial capability.

Final Thoughts

Verified Pre-Approval is an excellent tool for serious home buyers looking to strengthen their offers and expedite the closing process. By thoroughly verifying your financial information upfront, LoanDesk works with Rocket Mortgage to help you stand out in a crowded market and provides you with a clear, accurate picture of your buying power.

Embark on your home buying journey with confidence, knowing that Verified Pre-Approval can give you the competitive edge you need to secure your dream home.