In a real estate competitive market, it’s a good idea to get a fully underwritten mortgage pre-approval before you start your home search. Oftentimes home buyers get pre-qualified for a home loan before they get pre-approved. A pre-qualification is essentially a verbal estimate of how much you can borrow from a lender. But going one step further by getting a letter indicating that you’ve been fully vetted and pre-approved for a loan can help your offer stand out in a multiple bid situation. Being pre-approved sends the message to the seller and seller’s agent that you’re a serious buyer with the credit and finances necessary to obtain a mortgage loan. In a seller’s market, this can give you a competitive edge over other home buyers who only have a pre-qualification. And don’t forget, if you have questions about getting pre-approved we can connect you with a trusted lender for an initial discussion.
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