Post Mortgage Pre-Approval

What To Do After You Are Pre-Approved?

Mortgage Pre-Approval Process

After securing your mortgage professional, you will need to find a reputable real estate agent who will represent you in the transaction. A good agent will be an expert on your geographical area, schools, local and property-specific amenities, prices, etc. A good agent will never want you to overpay for a property. They should provide you with a list of properties in your price range determined by a mortgage professional and never push you to buy what you may not be able to afford. A good agent will show you a few properties, allowing you to form your own opinion about the area, property, types of amenities, etc.  Ensure that your mortgage broker assist you in planning your mortgage pre-approval process.

Mortgage Pre-Approval

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About The Mortgage Process?

At Opportune, Inc., when you plan to buy or refinance your home, we recommend consulting with a team that has decades of experience. If you live Chicago, greater Chicagoland, or anywhere in Illinois, you should work with a trusted local lender that can help you with your home buying and refinancing process.

What To Consider When Purchasing a Home

When discussing your potential home with a real estate agent, the following factors should be taken into consideration: 


  • Area/Neighborhood 
  • Price 
  • Type of property – single-family, townhouse, condo 
  • Square footage, number of bedrooms, number of bathrooms 
  • Schools (if you have kids) 
  • Houses of worship and cultural institutions 
  • Proximity to transportation and/or major roads 
  • Property condition

After you decide that a particular property meets your requirements, you will make an offer that your real estate agent will then present to the seller. If this offer is acceptable, both you and the seller will sign a purchase contract. This is your first step in planning the mortgage pre-approval process. 

Most offers will require an earnest money deposit, which may range from 1% to 5% of the purchase price. These funds will be applied at closing in the form of a credit towards the purchase price.  

After your offer is accepted you will formally apply for financing. In most instances, the lender will require a real estate appraisal to determine the value of the property. Please note that if the property appraises for less than the purchase price, the lender will use the lower value and your loan amount may adjust depending on the appraised value. If the appraisal comes in higher, the purchase price, not the appraised value, will be used to determine your loan amount.  

Your real estate agent may also suggest that you hire a professional home inspector. This is often a good idea to avoid potential pitfalls later with construction and repairs. Usually, the inspector will give you a report that may contain issues that he/she notices while inspecting the property.

Still not convinced?

Contact us for additional tips for refinancing your home.

Our Happy Customers

With over 50 five star reviews, our customer ratings speak for themselves. We’ve served hundreds of Chicagoland and Illinois clients and we’re excited to work with you.

I cannot sing their praises enough! Through Eugene's ingenuity and never-give-up attitude, he found creative solutions to help us obtain our first mortgage when every other loan officer we'd worked with prior, had failed to deliver. Now, we're on the second go around with Opportune, having just refinanced and couldn't be happier with the smooth process and amazing rate Eugene was able to secure for us. We love the team here -- responsive, caring and professional. We'll never go anywhere else for our financing needs and neither should you!
Tiffany Gabbay
Happy Customer
Loved working with Barb at Opportune throughout our mortgage process. She was careful to point out various details we may have missed as 1st time home buyers, connected us with appropriate lenders quickly and was with us every step of the way. Happy to report that we now have our own house, due to in no small part Barb and team. Kudos and thank you!
Arka Pattanayak
Happy Customer
It's no wonder there are only 5 star reviews here. I worked with Barb Patterson and she was absolutely fantastic!! As someone entering the home buying process with absolutely no idea of how much I could even afford she walked me through every step and fought for me to get the best possible deal. My closing team commented that the loan cleared faster than they've ever seen because of how well Barb handled everything. Cant recommend her enough!
Deanna Brackman
Happy Customer