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What’s a Mortgage Pre-approval Letter, and Why Do You Need One?

Monday, March 28, 2022   /   by Joe Johnson

What’s a Mortgage Pre-approval Letter, and Why Do You Need One?

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If you’ve never purchased a home before, you probably have some questions—including questions about mortgage pre-approval letters.
 
So what, exactly, are some of the common questions buyers have around the pre-approval process?
 
A recent article from realtor.com answered key questions potential buyers often have about mortgage pre-approval letters, including:
 
  • What is a mortgage pre-approval letter? A mortgage pre-approval letter is a document from a lender that states you are pre-approved for a loan for up to a specific dollar amount. A mortgage pre-approval letter shows sellers that you’ve gone through the pre-approval process (including sharing financial documents with the lender) and are able to finance a home purchase.
 
  • Do you need a pre-approval to tour homes? No, you don’t technically need a pre-approval letter to tour homes. But it makes more sense to have one before you even start looking so you know you can afford the homes you are looking at. (Nothing worse than falling in love with a home you can’t qualify to buy!) Plus, you’ll need one when the time comes to make an offer, since most owners and listing agents will want to see it included with your offer. You don’t want to lose precious time getting pre-approved and lose the house of your dreams to another buyer who already had theirs in hand.
 
  • How do you get a mortgage pre-approval letter? To get your mortgage pre-approval letter, you’ll need to go through the pre-approval process with a lender—which includes filling out an application, providing financial documentation, and a credit check.
 
Just starting the home buying process? The Reiner Realty Team can help! Call us today at 540-494-9284 or click here.
Reiner Realty Group, Realtors with Lichtenstein Rowan
Rene Reiner
3621 Manassas Drive
Roanoke, VA 24018
540-793-4095
Joel Balsley
NMLS#210455
Licensed in VA
Office #: 540-278-1430
Mobile #: 540-597-8877
joelbalsley@atlanticbay.com


Featured real estate company is not a mortgage lender and so you should contact Atlantic Bay Mortgage Group, L.L.C. directly to learn about its products and your eligibility for such products. The featured lender has an affiliated business relationship with the featured real estate agent. You are under no obligation to use the featured lender for financing. All loans subject to income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an Equal Opportunity Lender. Located at 600 Lynnhaven Parkway Suite 203 Virginia Beach, VA 23452.
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