What is a Pre-Approval Letter?

If you are looking to buy a home, you are going to need a pre-approval letter. So, what is it exactly? And how can you get one?

Pre-Approval

A pre-approval letter is a letter or .pdf from your lender proving to your agent and your seller’s agent that you have the financial stability to buy the home you want to put an offer in on. This letter is not a guarantee you can buy a home, rather the first “step” in the home buying process.

Getting Pre-Approved

Once you decide you want to buy a home, it’s always a good idea to get in touch with your lender to get pre-approved. This process is simple and only takes about 15-30 minutes on the phone with a Loan Officer. During this call they will go over:

1- Your Income

2- Your Job History

3- Your Address History

4- Your Bank Statements

5- Credit Score

6- Of course, your loan options and purchase prices

Once you go over this with your loan officer and get pre-approved, you can now officially begin putting offers in on homes! If you have any questions about what you can qualify for or to get pre-approved, please reach out to us here at The Ben Lemon Team to get started!