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Thinking About Buying a Home? Here’s What You Need to Know About Mortgage Pre-approval Letters

If you’re thinking about buying a home, there are a number of items you’ll want to cross off of your home-buying to-do list.

But what about mortgage pre-approval letters? Do you need to get a pre-approval letter before you start your home search?

A recent article from REALTOR outlined everything you need to know about mortgage pre-approval letters—and whether you need one before you start looking at homes—including:

What is a mortgage pre-approval letter? A mortgage pre-approval letter is a letter potential buyers receive from their lender; it confirms that the buyers are pre-approved for a home loan of a specific

Do you need a mortgage pre-approval letter before you start touring properties? While you don’t technically need a pre-approval letter before you start looking at homes, the letter shows that you have the financial means to purchase a property—and many agents will want that reassurance before they spend their time and energy showing you homes.

What are the benefits of getting pre-approved? Getting a mortgage pre-approval letter shows agents and sellers that you have the financial means to buy a home. If you decide to put in an offer, this can make your offer more attractive than buyers without a pre-approval letter—and can increase the likelihood that your offer will be accepted.

Work With Shad

Shad is an expert on affordable housing financing. When you’re ready to buy or sell in Houston and the surrounding areas, give Shad a call. As a Realtor® who’s Tuned Into Your Needs, he’s ready to guide your real estate transaction to a successful conclusion.

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