Do you understand how important it is to have a pre-approval letter before you begin your home buying process? Many potential buyers will submit a pre-qualification letter to their Realtors before viewing homes. Many do nothing. And how many times has a buyer found a home only to discover later they can not get financing to buy their dream?
A pre-approval letter is more reliable than a pre-qualification letter. Pre-qualification letters take very little time to generate with only a quick interview and exchange of information between a borrow and a lender. The pre-approval process, though, while more time consuming, involves verification of the information. Buyers will have to take the time to provide financial documentation to the lender to support their claims. The good news though, is that getting, a pre-approval letter before you start shopping for a home you are more likely to get the home that you want!
A pre-approval letter is more reliable than a pre-qualification letter. Pre-qualification letters take very little time to generate with only a quick interview and exchange of information between a borrow and a lender. The pre-approval process, though, while more time consuming, involves verification of the information. Buyers will have to take the time to provide financial documentation to the lender to support their claims. The good news though, is that getting, a pre-approval letter before you start shopping for a home you are more likely to get the home that you want!
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