Preapproval Letters Give Buyers The Edge
In fact, many real estate agents won't let you step foot in their car if you haven't spoken to a lender. Agents want to know that you are qualified and ready to purchase a home before working with you. On top of that, many sellers demand that a lender letter accompany all offers to purchase.
However, there is a difference between a pre-qualification letter and a preapproval letter. There are definite advantages to loan preapproval, which will give your offer an edge over a competing offer from someone else. Preapproval might even help you to get a lowball offer accepted. You're going to go through the approval process anyway, so you may as well get it completed upfront . . . read more about loan preapproval.
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Comments
Buyers, pre-approved for the mortgage are in a much better position to negotiate the price and other terms of the sale in their favor. Its the most logical step in the home buying process.