Should you get a Pre-Approval Letter? This is very important when you shop for homes. 

So, what is a Pre-Approval Letter?

A loan pre-approval letter is a document from a lender indicating that the lender is tentatively willing to lend you a certain amount of money. It should be noted that this pre-approval letter is based on certain assumptions and does not guarantee that the lender will provide the loan.

Is it better to get a loan pre-approval letter in advance? Of course.

1. You can look for the right listing and be more efficient.
2. You can view more listings, because some listing agents will require a loan pre-approval letter before accepting the showing request. 
3. Increase the competitiveness of the offer, because some sellers will require a loan pre-approval letter with the Residential Purchase Agreement when the buyer submit the offer.
4. You may have a smoother escrow process.

How to apply for a preapproval Letter?

• You can contact the bank you are familiar with or contact the loan company
• You can ask family and friends to recommend loan companies
• You can ask your real estate agent
• You can search online for a loan company that suits you

Important! Getting the Pre-Approval letter from a bank or trustworthy lending company will assist you to have less issues when the lender reviews your loan application during the escrow process. 

Above is the information of the pre-approval letter.

If you have any questions or demand about selling or purchasing homes, please contact me.