Why you need a Pre-approval Letter

By
Real Estate Agent with Mike Bowman

A Pre-approval Letter is important to have before you find a home.

 

A Pre-approval letter from a mortgage professional is the first step to buying a home. If you get a letter from the lender you are not completely approved until documentation is verified. Getting a Pre-approval letter can help to tell the seller and the seller's agent that you have talked to a lender and they have ran a credit report and feel you are able to purchase the home.

 

 

Pre-approval can be a very valuable step towards purchasing a home. Many home buyers
get pre-qualified for a home loan early on, and then become pre-approved before
beginning a serious home search. By completing your mortgage application prior to
choosing a home, you can get a pre-approval letter stating how much home you can
afford.



Your pre-approval letter lets you know exactly how much you can spend, and it shows
home sellers and real estate agents that you're serious about buying a home. This
may give you leverage in the negotiation process. Many sellers actually prefer to
work with pre-approved buyers, especially in hot real estate markets.



To find a mortgage professional and get started with your pre-approval for a loan,
please call or email me. My goal is to provide you with practical information as you consider your next move, and I look forward to working with you. 

Call Cheryl Brewer at 817 217-0005 or cherylsellshomes@gmail.com

 

Comments (3)

Rhonda Hollifield, REALTOR®
Keller Williams Realty Mountain Partners - Hendersonville, NC
Broker REALTOR CRS, GRI, ABR

You're right Ginevra, some agents and buyers don't get it.

Mar 30, 2011 02:55 PM
Nor Yeretsian
Envoy Capitol Realty Inc. - Toronto, ON
Envoy Capitol Realty Inc., Brokerage Toronto

ithis is so important, the qualifying of the buyer in our transactions that sometimes I know it is overlooked because we think that they must have the money if they are looking - this is not the case.

Make sure your buyer is qualified.

cheers

Nor

 

Mar 30, 2011 03:07 PM
AmeriFirst Winston-Salem
AmeriFirst Financial (Winston-Salem, NC) - Winston-Salem, NC

Well put Cheryl.  Good intentions of potential buyers is not enough to show sellers that the offer is serious and headed towards closing.  Prequalification doesn't increase stress, it reduces it unless a buyer knows something in advance is a problem and is simply putting their head in the sand hoping it won't be noticed.  Trust me, it'll be noticed these days.

By the way, I like your blog's wallpaper.

Mar 30, 2011 03:28 PM