Yes, pre-approval is important...

Real Estate Agent with Liz Moore & Associates

Every once in a while I come across a new client who does not think "pre-approval" for their home loan is important. 

"I just want to see a few houses before I go through pre-approval"

"I may not be able to get approved, but I just want to see a few houses"

The purpose of a pre-approval letter is for a mortgage professional to get an idea of your financial situation and based on what you tell them, they can provide a pre-approval letter. Most pre-approval letters should include the approved amount, financing type (conventional, FHA or VA) and lender contact information for follow up. This pre-approval letter sets the foundation of the home buying process since you must know what you can afford before seeing what inventory fits your criteria.

In our current market, it is standard for the seller to request a pre-approval letter accompany any offer. Why? They want to know you have spoken to a mortgage professional to get a good idea that you will be able to be approved once you submit your application. 

I know we have some great Hampton, Virginia homes for sale and I would hate for you to miss out! It can be very disappointing to fall in love with a house and lose out because you have overlooked this very important step!

Comments (5)

Andres Munar
Keystone Alliance Mortgage - State College, PA
Experience The Difference

A client should always get pre-approved before looking at homes. A)They might not be qualified and everyone is wasting there time or b)they might be looking out of their price range.

Mar 07, 2011 02:35 PM
Kaera Mims
Liz Moore & Associates - Fort Monroe, VA
Associate Broker, e-PRO, REALTOR; Hampton, Newport News, York Co.

@Andres: very true; time well spent can make for a very smooth transaction for everyone involved! 

Mar 07, 2011 02:42 PM
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

People have to understand that we as agents have a certain procedure to follow. There isn't one buyer who would do what they ask of us agents if they were in our shoes.

Mar 07, 2011 03:57 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Keera - You are right, pre-approval is important. I donot consider a home buyer enough if is not pre-approval by a lender. Thanks for the information.

Mar 07, 2011 04:17 PM
Kaera Mims
Liz Moore & Associates - Fort Monroe, VA
Associate Broker, e-PRO, REALTOR; Hampton, Newport News, York Co.

@Victor & John: I am learning that it is all about education; if we educate our consumers on the process and how we work best to assist them, everyone is happy! 

Mar 07, 2011 04:20 PM