Get Ahead in the Homebuying Game: Why Mortgage Pre-Approval Matters

Home Blog Get Ahead in the Homebuying Game: Why Mortgage Pre-Approval Matters

Posted On: June 23, 2025 by Peoples Bank of Kankakee County in: Home Mortgages

Buying a home is one of life’s most exciting milestones—but before you start touring houses or scrolling through listings, there’s one important step that can make your journey smoother and more successful: getting pre-approved for a mortgage.

At Peoples Bank, we believe that informed buyers are empowered buyers. That’s why we make the pre-approval process straightforward and supportive—so you can shop for your dream home with confidence!

What Is Mortgage Pre-Approval, and Why Does It Matter?

Think of mortgage pre-approval as your homebuying permission slip. It gives you a realistic picture of what you can afford and shows sellers that you’re financially ready to move forward. Our team evaluates your income, credit, debts, and assets to provide you with a pre-approval letter—a powerful tool that can give you a leg up in today’s competitive housing market.

Why Get Pre-Approved?

Clarity on Your Budget: Don’t waste time falling in love with homes that are out of reach. Pre-approval helps you define a clear price range and narrows your home search to what’s actually attainable.

Stand Out to Sellers: In hot markets, sellers are often juggling multiple offers. Showing them you’re pre-approved tells them you’re serious, prepared, and financially qualified.

Faster Closings: Because much of the financial legwork is already done, pre-approval can help speed up the closing process—giving you an edge when time is of the essence.

Stronger Negotiating Position: With financing pre-approved, you may have more leverage when negotiating price or terms. Sellers are more likely to work with buyers who already have their financing in order.

Steps to Get Pre-Approved

Getting started is easier than you might think:

Organize Your Financial Info – You’ll need documents like pay stubs, W-2s, tax returns, and bank statements.
Submit a Mortgage Application – This helps our team understand your financial picture. You can easily apply for a mortgage loan at Peoples Bank at Apply Now.
Let Us Run a Credit Check – We’ll review your credit history to determine eligibility.
Get Your Pre-Approval Letter – Once approved, you’ll receive a letter stating how much you’re qualified to borrow.

Peoples Bank Is Here for You

Our experienced mortgage professionals are with you every step of the way, answering your questions, guiding you through the paperwork, and making sure you feel supported—not stressed.

At Peoples Bank, we’re not just helping you buy a house. We’re helping you build your future. Start your homeownership journey with a mortgage pre-approval today—because the key to your dream home starts here.

Ready to get pre-approved?

Contact our mortgage experts, Mimi Barnes or Darby Sweeney, at 815-936-7600 today to get started!

Mimi Barnes NMLS 445097. Darby Sweeney NMLS 767646.

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.