Why do I need a Pre-approval letter?
A Pre-approval Letter shows the home seller that you are a serious buyer with the means to buy the house. It lets them know that you are not wasting their time.
Pre-approval Letter for Home Buyers
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval letter is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 90 days). Final loan approval occurs when you have an appraisal done and the loan is applied to a particular property.
Why do I need a Pre-approval letter to make an offer on a house?
5 Things needed to get Pre-approved
- Proof of Income (2 years of tax returns)
- Proof of Assets (such as bank statements and investment statements)
- Good Credit (typically 580 or higher)
- Employment Verification (2 years on the job)
- Documentation (drivers license, Social Security card)
pre-approval letter for home buyers is a must in Clarksville TN
Consulting with a lender before you start the home buying process can save a lot of heartaches later, so gather your paperwork or print some recent statements of your online bank accounts before your pre-approval appointment and before you begin house hunting.
Pre-approval Letter for Home Buyers
Your Realtor and your Lender will work hand in hand throughout the home buying process. If you need credit repair, they should be able to point you to someone that can help you.
pre-approval letter for home buyers
