Are you wondering what a mortgage pre-approval letter is and how to get one when you are preparing to buy a house? Often a mortgage pre-approval letter will be one of the requirements asked for when you begin working with a real estate agent to start shopping around for a new home, and you’ll likely be asked to submit this when you put in an offer on a home. Let’s take a closer look at how to get a pre-approval letter so you’ll be better prepared for this step in the home buying process.
How to Get a Pre-Approval Letter for a Mortgage
Because you have decided to move and buy a new home, you will need to start some of the home loan steps ahead of home shopping. If your real estate agent has recommended a home mortgage loan expert to guide you, they will be the perfect person to start with. If you are looking for a loan officer on your own, make sure to ask around with your neighbors, friends, and family to see if they recommend a loan officer they’ve worked with before.
You can reach out to a number of mortgage officers and get a feel for how their loan process works, what type of paperwork they will need, and rates. Once you have chosen the loan officer you want to work with, ask them what is needed to attain a pre-approval letter for your upcoming home purchase.
What a Mortgage Pre-Approval Letter Signifies
The pre-approval letter will demonstrate to real estate agents and sellers that you are serious about your home shopping and any offers you write. It also shows that you have the green light to shop for and offer on a home in your price range.
On the contrary, if you do not present them with your pre-approval letter, it’s very possible you won’t be taken seriously as a home buyer.
Pre-Approval Letter For Mortgage
An important note about your pre-approval letter: Your pre-approval letter is not a final guarantee that you are certain to get the loan you are interested in. This final mortgage approval will be based on your financial paperwork, work history, credit report numbers, and other documents set forth by the mortgage underwriters. You can ask at the pre-approval letter discussion what paperwork you will need to make your mortgage loan complete so you can be sure to have that ready.
Having a thorough discussion with your real estate agent and your home mortgage officer of choice about what is needed and how to proceed when you want to buy a new home, is optimal. They have both helped many other home buyers with buying a new home and can give you great advice on how to move forward.
Working With An Experienced Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly regarded and well-informed local real estate agent. You want someone that you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great articles to help you through your home selling and buying experience here in Memphis. Staging homes for sale is also part of my expertise. Please ask me about it when you reach out.
Take a minute to learn more about me. With over 15 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at angie@angiekelley.com and we can speak in person about your plans and options. Ask me about seeing homes for sale by video or virtual tour and find the best place for you!
Angie Kelley, Crye-Leike Realtors
(901) 828-8919 or (901) 756-8900
