The Mortgage Pre-approval Letter: Why It's Important and How to Get One


If you are thinking about buying a new home in the near future, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you starting hunting for your home.

The Importance of a Pre-Approval Letter


A mortgage pre-approval letter is issued to a loan applicant after he or she has passed through a preliminary credit review process. Most of these letters state that the individual is pre-qualified for a property with a maximum sales price, and it is contingent on the loan applicant providing supporting documentation, such as tax returns and bank statements. This letter gives you a better idea about what it will take for you to get final loan approval and what loan amount you may qualify for. The letter is also provided to a seller, and it gives the seller the confidence that comes with knowing that you are a qualified buyer. When a seller has an offer from a buyer with a letter and another offer from one without a letter, there is a good chance that the seller will opt for a buyer who is already pre-qualified for financing.

How to Get Your Pre-Approval Letter

 As you can see, there are several reasons why it is important to get pre-qualified for your mortgage financing. Getting a pre-approval is generally a straightforward process, but it can seem intimidating. You will need to complete a loan application, and this may be done in person or online with a lender or mortgage company or over the phone.  You will also need to sign an authorization for the lender to pull your credit report. After taking these steps, you typically will be able to receive a pre-approval letter within a day or two. Call me, Karen Rodriguez as my lady, Kathy Small with Caliber Home Loans can get you a pre approval letter in a couple of hours and all over the phone. I try to make things as simple as I can with my customers. 

When you have plans to purchase a new home, you likely will need to apply for financing in order to complete your plans. Getting a pre-approval letter up-front can help you in a number of ways, and you can easily take the steps necessary to get pre-approved for your mortgage. You will also submit this pre approval letter with your offer to make you stand above the rest, especially if you are in a multi offer situation.  Simply contact Kathy Small, which I will provide the link to her online contact information or request pre approval letter today to get started with the process or you can get pre approved right here, click this button and meet Kathy Small with Caliber Home Loans. This process is short, takes no time and best of all is FREE TO YOU. All done over the phone at your convenience and the letter is good for a while.

    FREE, click here to get pre approved over the phone with Kathy Small of Caliber Home Loans. They have every type loan available.   From Zero downpayment, seller assist, to FHA, VA, Grant money, Conventional, you name it she has it and can give you the best.     Free over the phone consultation with her at your convenience.  Call her you will be glad you did and should you have any questions at all, feel free to call me, Karen.                                                           

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Message from Karen:

If you are thinking of selling, call me for a FREE home evaluation in your neighborhood, from staging, pricing, housing values, interest rates, how appraisers are valuing properties, now that the guidelines have changed. I would love to sit down and talk with you. Just call me and let me know how I can help with your real estate needs, buying or selling or both.  I give exclusive representation.  If you are not sure whether you want to sell for fear of not finding that perfect larger home, click on the Search All Area Listings properties below and start searching the areas and see what is out there. I do have a list of contractors whether you decide to remodel or purchase or both.  I can supply you with a list of contractors. I would be honored and happy to help you. 

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This Blog was written by:

Karen Rodriguez, Associate Broker

Notary, ABR, AHWD, CRS, e-Pro, GRI, SFR

Cell: 502-643-2255