Pre-approval is an important step in the home buying process. First, it gives you a price range to start shopping in. Armed with your pre-approved maximum loan amount, as well as the monthly payment you’re aimed for (see No. 1 above), you can hone your list of potential properties and really dig into the search.
Being pre-approved for your loan also sets you apart from other buyers and gives sellers confidence in your offers. If your local market is particularly hot or there are many bidders on a home you’re considering, a pre-approval letter can mean all the difference.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports