This is good advice! So important for buyers to obtain pre-approval before looking for a home. Especially in markets where the inventory is low and the demand for housing is high.
House Hunting? You Need a Pre-Approval Letter
Will you be dropping by a few open houses this weekend? Take a pre-approval letter with you! Pre-approvals provide house hunters with a number of benefits:
- Your Realtor knows you’re serious when you present a pre-approval letter.
- Sellers prefer to negotiate with prospective buyers with pre-approvals over simple pre-qualification letters – often times sellers won’t even consider your offer without a pre-approval letter from a licensed mortgage loan originator!
- Your mortgage pre-approval letter takes into consideration down payment percentages, interest rates, property taxes and mortgage insurance – which makes it clearer to you (the buyer) just how much you can truly afford to borrow.
- A solid pre-approval will help you get your loan processed faster. Getting a pre-approval could take your offer from a 60 day closing to as little as 30 days.
Pre-Approvals are Not Pre-Qualifications
Pre-qualifications will give you an idea…
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