How a pre-approval helps when buying a home today

In today's market, pre-approval is more crucial than ever. Here's why: 

A pre-approval is a commitment from a lender to lend you a certain amount of money at a specific interest rate, provided certain conditions are met. To get a pre-approval letter, you'll need to give the lender information about your employment, income, debts, and assets. The lender will also pull your credit history to understand your historical borrowing and repayment behavior. 

A pre-approval is different from a pre-qualification in that a pre-qualification is based on unverified information provided by the borrower. On the other hand, a pre-approval is based on verified information and gives the borrower a much better chance of actually qualifying for the loan. 

In today's tight housing market, having a pre-approval letter gives you a significant advantage over other buyers who don't have one. Sellers are more likely to accept an offer from a buyer with a pre-approval letter because they know the buyer is more likely to be approved for the loan. 

A pre-approval letter also gives you an estimate of how much house you can afford, which can help you narrow down your search to homes that fit your budget. 

Getting a pre-approval is easy—contact your lender of choice and ask about their process. Most lenders will be happy to help you get started. If you're considering buying a home in today's market, getting a pre-approval should be at the top of your list. A pre-approval letter from a lender shows sellers that you're serious about buying and are more likely to be approved for the loan. This can give you a significant advantage in today's tight housing market over other buyers who don't have one. So what are you waiting for? Contact your lender today and get started on the path to homeownership!