The Importance of Preapproval Letters

November 9, 2015 3:38 pm

770_3798914When you are preparing to buy a house, it is an excellent idea to talk to a Mortgage Planner with Fairway Independent Mortgage Corporation before you start looking for your new home. We can help you discern how much you can afford and issue you a preapproval letter. A mortgage preapproval letter is a written statement from Fairway stating that you should qualify for a particular mortgage program up to a certain loan amount, but it does not guarantee your loan.

There are many reasons why your home hunt can benefit from being preapproved for your mortgage loan before you start your search:

  1. A preapproval letter helps you understand how much home you can afford. We will talk through your financial goals and discuss the best options available.
  2. A preapproval letter proves to real estate agents and sellers that you are a credible buyer. Some sellers may even require a preapproval letter to be submitted with a home offer.
  3. A preapproval letter can help you stand out in a competitive market. If you submit an offer on a home against someone who is not preapproved, your offer will likely be taken more seriously.
  4. Since your verification documentation will already be in place, a mortgage preapproval should help speed up the process once you make an offer on a home.

I would be happy to meet with you soon to plan the next steps toward your new home purchase. In most cases, preapproval letters are good for 60-90 days, so let’s start you on your way. Call me today to set up an appointment!

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