The pre-approval letter can be important

Obtaining a pre-approval letter is an important part of searching for a new home. Why? There are many reasons.

When you get pre-approved for a home loan, you, and your realtor, will have a good idea of what you can afford. A pre-approval letter can also set a potential seller’s mind at ease, letting him or her know that you are indeed pre-qualified for a loan.

Getting pre-approved for a mortgage can end up saving you – and others involved in the buying process – a good amount of time by eliminating a lot of the guesswork that may be present otherwise. So, if you’re in the market to buy a new home, do yourself, your realtor and any potential sellers a favor and get pre-approved for a mortgage.

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Recommended reading: What should first time homebuyers look for in a home loan?