Related Posts
Please reload

Mortgage Monday: The Importance of Pre Approval Letters


When you are preparing to buy a house, it is an excellent idea to talk with a mortgage planner before you start looking for your new home. They can help you discern how much you can afford and issue you a pre-approval letter.


A mortgage pre-approval letter is a written statement from your lender stating that you should qualify for a particular mortgage program up to a certain loan amount, but it does not guarantee your loan.


There are many reasons why your home search can benefit from being pre-approved for your mortgage loan before you start your search:


  1. A pre-approval letter helps you understand how much home you can afford. The lender will talk through your financial goals and discuss the best options available.

  2. A pre-approval letter proves to real estate agents and sellers that you are a credible buyer. Many sellers may even require a pre-approval letter to be submitted with a home offer.

  3. A pre-approval letter can help you stand out in a competitive market. If you submit an offer on a home against someone who is not pre-approved, your offer will likely be taken more seriously.

  4. Since your verification documentation will already be in place, a mortgage pre-approval should help speed up the process once you make an offer on a home.


In most cases, pre-approval letters are good for 60-90 days, so go ahead and contact a lending professional now and get ready to go house hunting!


Link to original post

Share on Facebook
Share on Twitter
Please reload

Featured Posts
Please reload

Please reload

Coldwell Banker Realty

St. Pete NE Branch

3637 N 4th ST, STE 100

St. Petersburg, FL 33704

727-822-9111 0ffice

FL License #3322535

  • Facebook Social Icon
  • YouTube Social  Icon
  • Yelp Social Icon
  • zillow.jpg
  • realtor_dot_com_logo_icon.png
  • LinkedIn Social Icon
  • Twitter Social Icon
  • Instagram Social Icon
  • Pinterest Social Icon
  • unnamed

Check out our sister site