*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
When it comes to searching for houses, one of the most important things to have in hand is a pre-approval letter from your loan officer. A pre-approval letter outlines that a borrower has the ability to purchase a home within a certain price range, and that a lender has approved them for financing. Having a pre-approval will separate you from the rest of the competition because sellers can have confidence that you can buy their home when you say you can buy it.
It's important to remember that pre-approval's provide a snapshot of a borrower's ability to borrow money from a lender. This isn't a guaranteed loan offer, but it gives the borrower, their real estate agent, and the seller an idea of where the borrower stands with their lender and their ability to afford a home.
Pre approvals usually outline these few things:
the date the pre approval letter was issued
the name of the borrower's real estate agent
the name of the borrower
the loan product type the borrower can qualify for
specific property address of a home the borrower is looking to purchase
the loan amount a lender is willing to lend the borrower based off of a preliminary review of the borrower's loan application.
a letter from the loan officer outlining what was reviewed, documentation gathered, and other aspects of a pre-approval that would give a seller confidence in the buyer.
If you're looking for a home and want an edge against the competition, give me a call, and let's get a pre-approval letter in your hands.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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