Getting Pre-Approved

As real estate experts we tell first-time home buyers that it is critical to apply for a loan before shopping for a home; this is an essential first step. A preapproval letter from a lender lets you know how much you may be able to borrow. Getting preapproved is a good move for serious homebuyers because it shows sellers that you come to the negotiating table ready to complete the transaction.

A preapproval indicates that a lender has taken a detailed look into your financial background and has issued a conditional loan approval; pending specific property information and documentation. Because a preapproval includes a credit check, it is more powerful than a prequalification letter, which generally only estimates what you can borrow based on information you have provided. Preapproval also expedites the home buying process, where much of your loan paperwork is already taken care of.

If you have taken the decision of purchasing a home, and do not have a preapproval yet, feel free to request a free pre-approval below.