Pre-Approval Letter How To Use It To Get Your Dream Home
When house hunting, many buyers make the mistake of waiting to contact a lender until after they have located their dream home. As a buyer, you will be in a much stronger position with a seller if you are pre-approved.
Pre-Approval Letter
To effectively house hunt, you must know the amount you can borrow from a lender. There is nothing worse than find your dream home, but failing to qualify for the amount you need for a loan. Avoid this by asking your lender to pull your credit information and to let you know what needs to be done to get a pre-approval letter. If you are going to have problems with getting a loan, it is better to know about it as early as possible.
Sometimes buyers resist contacting lenders because its not the enjoyable part of home buying and theyre afraid an extra credit check will reduce their credit score. This resistance is penny wise and pound foolish. Buyers who get their loan arrangements lined up at the beginning of the house buying process are really doing themselves a favor.
Much of the country is experiencing a hot, sellers market. It is not unusual for a...
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