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Q: Why Do I Need a Pre-Approval Letter?

Here’s why you need to get a pre-approval letter before buying a home.


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People often ask us why it’s important to get a pre-approval letter before buying a home. First, you need to know what type of loan you have: conventional, FHA, USDA, or VA. Each loan type has different requirements to get you to the closing table. For example, if there’s peeling paint, big holes in the wall, missing steps or handrails, often these things need to be repaired before you can buy the house. Unfortunately, certain sellers are not willing to mend these things, so you’ll need to move on to another property. 

Having a pre-approval letter will also allow us to set up a search customized to your needs and wants as well as within the amount you’re pre-approved for. Speaking with your lender gets you more involved in the process of buying a home. For example, you may be pre-approved for a certain amount, but that doesn’t mean you have to pay that much. A crucial question you want to ask your lender: “If I buy a home at this price, what are my monthly payments going to be?” 

Additionally, being pre-approved puts you ahead of the competition in this competitive real estate market. Having a pre-approval letter is required to submit an offer on a house. It is important to be ahead of the game, so you don’t miss out on any opportunities.

Note: Depending on your situation, it can take anywhere between 45 minutes to a couple of days to get a pre-approval. 

If you’d like to know how to get started with this process, call or email us. We will answer all your questions, and if you need a lender, we’d be more than glad to connect you. We look forward to speaking with you soon. 

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