5 Things You Need to Be Pre-approved for a Mortgage . FACEBOOK. most home sellers expect buyers to have a pre-approval letter and will be more willing to negotiate with you if you have proof.
You can easily customize your approval letter so that if you make an offer that’s less than what you’re approved for, sellers won’t know. Close With Confidence We’ll get you to the most exciting part of buying a home as fast as possible with no surprises.
This pre-approval can then help a buyer find a home that is within their loan amount range. Buyers can ask for a letter of pre-approval from the lender, and when shopping for a home can have possibly an advantage over others because they can show the seller that they are more likely to be able to buy the house.
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Receiving a pre-approval letter means that you have met the minimum borrowing requirements based on information obtained from your credit report. The pre-approval process doesn’t take into account other factors that we collect from your online application, such as employment and income, and these factors all impact your eligibility to qualify for a loan and rates you may receive.
· The Pre-Approval Letter Lowdown. A pre-approval letter is based on documents that you provide to your lender. In response, they tell you exactly how much you’re approved to borrow and put a little weight behind these six little words: “I’m ready to buy a house.” This letter is a golden ticket of sorts, opening the eyes and ears.
While there are no guarantees, a pre-approval letter gives a seller reasonable assurances that you are financially able to get a mortgage.