Why Do You Need a Pre-Approval Letter?
Update: 2016-11-16
Description
Getting a pre-approval letter will help you stand out among other buyers and ease your home buying transaction.
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As a home buyer, why should you get a pre-approval letter?Selling a home? Click here for a FREE Home Value Report
The first reason is to make yourself stand out. If a property is generating a lot of interest, there will be many other buyers coming forth to make offers on that property. The seller who’s getting all that interest on their home will most likely choose a buyer with a pre-approval letter.
The second reason is that, even if you make an offer without a pre-approval letter and the seller accepts it, you might find out that your payment is going to be more than expected. Contacting a lender can alleviate this concern because they can give you an idea of what your payments are going to be, what your interest rates are going to be, the proper price range where you need to be looking, and what type of loan you will qualify for. These are all things you need to know when you draft that purchase agreement.
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A pre-approval letter can make your offer stand out from the rest.
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If you have any questions about today’s topic, please feel free to reach out to me by phone or email. In the meantime, I want to wish you a happy Thanksgiving, and I hope to hear from you soon!
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