Why you need a mortgage pre-approval letter. OK.... We have gone over the Home buyer time line and why I like working with proven mortgage professionals. Now is the time to set the appointment with your mortgage loan officer to sit down and get a mortgage pre-approval letter. First of all Why do you need a mortgage pre-approval letter? No listing agent will even take your purchase offer without am mortgage pre-approval letter. Why do they need that you ask? Well look at it this way how does a listing agent and the seller know if you can afford to buy the house.
Believe it or not I have people calling me all the time to go show Northville homes that are not approved. After talking to them they have had bankruptcies, or foreclosures, bad credit, or poor work history. THEY WANT TO BUY. But in their current circumstances they cannot buy a piece of Northville real estate.
I just had a call the other day from a facebook friend. Their kids wanted to buy, but unfortunately they were only out of a foreclosure 1 year. They have to wait longer before they can buy. So if you were a seller and I brought that buyer with no pre-approval letter there would be an issue. The buyer and seller would agree to a price. The Northville home would come off the market. The inspection would be done and the clients would go to the mortgage lender. Only to find out that the buyer cannot get a mortgage.
So the Northville home owner would have wasted time and had their home off the market for a bad buyer. So it is very smart for any Northville home owner to ask all buyer to bring a pre-approval letter when they bring an offer. A mortgage pre-approval letter is a mandatory item you have to have when submitting a home offer Southeastern Michigan. No pre-approval letter, your offer is not even going to be looked at.
So I hope you understand why you need a mortgage pre-approval letter. It eliminates the lookers, and makes sure the deal is a "real deal". It tells the seller that you have talked to a mortgage lender and that you can afford to buy this piece of Northville real estate. I hope you learned one more thing about the Northville home buying process. If you have more questions give me a call. I will be glad to help you out every way I can. That's my job to make your home buying process easier and less complicated.
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