Sellers and realtors love buyers with a mortgage pre-approval letter. This shows them that you’re a serious, qualified buyer who has the financial backing of a lender and that you mean business. After all, unless you’re paying cash, it’s hard to make an offer if you don’t know whether you qualify for a loan.
- Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, and determined how much you’re qualified to borrow.
- Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war.
- In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.