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Why is a Pre-approval Important?

Firstly, let's establish what a pre-approval letter is. A pre-approval letter is a letter issued by a lender as proof that they are willing to lend up to a specific amount to you. Now, we can talk about why it's so important:

  1. It will determine a maximum purchase price. Until you obtain a pre-approval letter, you won't know for sure what you can afford! You're definitely going to want confirmation as to which price points can work for you.

  2. Everyone will be on the same page. Once you've established a Realtor and a lender that you're working with, it is important that your Realtor has a copy of your pre-approval. It takes a team to make a transaction work, its better that everyone is on the same page.

  3. You'll need it to write an offer. Before even looking at a property, both you and your Realtor should have a copy of your pre-approval. This is for the purpose of being prepared to write an offer, your Realtor will be able to write that offer much faster with if they already have a copy of the pre-approval letter!

Questions? Contact me, I'd love to help!

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