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A mortgage loan pre-approval letter tells home sellers that you have already qualified for financing to purchase their property and can close quickly.
If you're looking to purchase a home, getting a mortgage pre-approval is one of the first and most important things you can do in the home buying process. This determines the size of the mortgage you qualify for, and therefore, helps decide the upper limit of the price range for the homes you should look at. It also gives you a much more solid negotiation platform with the seller. Request a Loan Pre-Approval Now
A mortgage pre-approval helps you to:
Know how much of a purchase money loan you can borrow.
Confirm in writing your ability as a mortgage borrower, to be pre-approved for a mortgage based on your credit, financial and employment information.
Strengthen your negotiation position to make an offer on a home. A seller will be more willing to accept an offer if you, as the buyer has a loan pre-approval in writing.
Real estate agents will probably work much more diligently for you if they know you are a "real" buyer.
Close on your home purchase transaction much quicker because the loan is already done.
Beat out competing bids on the same home or property. Sellers don't have to "hope" you'll get the loan.
To obtain a written pre-approval for home financing, you'll need to start working with a lender or preferably a mortgage broker. A mortgage broker will be able to get you pre-approved with 2 or 3 lenders then select the one with the lowest interest rates and fees when it time to close. The mortgage broker you choose will review your credit history, earnings information, employment history ,assets and other information. You will need to provide certain documents to the broker to verify this information.
After the review process, the broker will secure and give you a loan commitment or "mortgage pre-approval letter." The pre-approval letter tells home sellers that you have the ability and do qualify for a certain dollar amount. This approval letter can be amended to specifically address the details of the home you are making an offer on. This gives your Realtor an edge when presenting your offer to the seller for consideration and acceptance.
Getting pre-approved is not the same thing as just being "pre-qualified". Getting pre-qualified simply states that you, the borrower should qualify for a loan based on some preliminary questions you have answered but does not commit the lender to approve and fund the financing. The mortgage broker will still have to conduct a complete review of your financial situation, including your credit report, your income and employment history. This could add time and surprises to the process.
The pre-approval process is more thorough. The broker does most of the work for full approval except for an appraisal and title search because there is no property identified to buy at this point. Once a home is found and an offer is accepted, the appraisal and title is incorporated into your credit file, final approval for the property is done and you close.Happy hunting!!!
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