Houses come and go quickly, and when the right home for you finally comes along, you want to be able to jump on it as quickly as possible. One of the best ways to make sure you are first in line with an offer is to obtain a mortgage pre-approval letter from a lender at the very beginning of your house-hunting search. This way, when you are ready to make an offer, you can move forward right away.
Obtaining a mortgage pre-approval proves to the lender that you can afford to purchase the home. Your lender will need to look at your income (usually through paystubs and tax returns) and pull your credit to make sure you will qualify for a loan. Once you have your pre-approval letter in-hand, you are free to search for and make offers on homes within your price range.
At LendingTree, getting a mortgage pre-approval from a lender is quick and seamless. We’ll match you with one of our lenders that will meet your specific criteria. The lender will run your credit and verify your income, and then provide you with your mortgage pre-approval letter. While a mortgage pre-approval doesn’t guarantee a loan, it does get you one step closer to making the dream of homeownership a reality. if you are going to need a home loan and the best way to do this is through a mortgage pre-approval or pre-qualification letter from your lender.
What is a Mortgage Pre-Approval?
A mortgage pre-approval tells you exactly how much money the lender will let you borrow. This is an important step that you should do before finding a real estate agent. This way your agent knows what he or she can show you based on your wishlist and price budget.
From first-time buyer programs to reverse mortgages to home equity lines of credit (HELOCs), today’s lenders offer products that allow borrowers to: