What is a pre-approval letter, do I really need one and if so how do I get it? Whenever I mention pre-approval letters to anyone they are the questions that follow. You do not have to get a pre-approval letter to be able to look at most houses and not having one won't stop you buying, but it can slow the process down.
As long as you have already spoken to your bank,credit union or mortgage company and done some sort of liason with them you should have no trouble getting a preapproval letter reasonably quickly. You can still start looking at houses before you have your letter, but once you have it and the time comes to make an offer the seller will take you a lot more seriously.
A pre-approval letter is given to you by your bank or mortgage lender to show that they have done preliminary checks and feel that in principle they can lend you $xxx,xxxx. It doesn't mean that the loan is a sure thing, the lender will still want to look at the house, check your details more thoroughly and look at your deposit money.
You always need to understand your financial situation before you begin the process of buying a home. The mortgage lender is going to need information from you. Also, you want to know the type of loan you qualify for so you know how much down payment you need. Nothing is worse than looking at homes, getting excited and then finding out cannot qualify for the home that you want.
Speak to your personal bank and ask them if they have their own mortgage dept, if they do then arrange a meeting and explain that you are looking for a home and would like a pre-approval letter. They may ask a few details and ask to see some paperwork but there will be no charge normally, if there is a charge then you may want to speak to another potential lender. - 29977
As long as you have already spoken to your bank,credit union or mortgage company and done some sort of liason with them you should have no trouble getting a preapproval letter reasonably quickly. You can still start looking at houses before you have your letter, but once you have it and the time comes to make an offer the seller will take you a lot more seriously.
A pre-approval letter is given to you by your bank or mortgage lender to show that they have done preliminary checks and feel that in principle they can lend you $xxx,xxxx. It doesn't mean that the loan is a sure thing, the lender will still want to look at the house, check your details more thoroughly and look at your deposit money.
You always need to understand your financial situation before you begin the process of buying a home. The mortgage lender is going to need information from you. Also, you want to know the type of loan you qualify for so you know how much down payment you need. Nothing is worse than looking at homes, getting excited and then finding out cannot qualify for the home that you want.
Speak to your personal bank and ask them if they have their own mortgage dept, if they do then arrange a meeting and explain that you are looking for a home and would like a pre-approval letter. They may ask a few details and ask to see some paperwork but there will be no charge normally, if there is a charge then you may want to speak to another potential lender. - 29977
About the Author:
Looking for a Lakeland mortgage should not be hard work. Do not wait until the last minute to discover how easy it can be to get pre-approved.http://www.floridamortgageblogger.com
