what is a preapproval letter

A mortgage pre-approval letter provides the necessary third-party verification that what you told your loan officer is documented. Income Documentation You’ll be asked to provide your most recent pay check stubs covering a 30 day period as well as your two most recent W2 forms.

A pre-approval means that you are far closer to receiving a mortgage loan commitment from a lender than with just a pre-qualification. A pre-approval can help buyers to take some of the guesswork out of the home buying process.

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Pre-approval. A pre-approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre-approved loan depends on the terms and conditions of the pre-approval and ability to secure the loan before the pre-approval expires.

Below are the top reasons why real estate agents will request a pre-approval letter before showing houses to a buyer. Read on to find out why this is common practice of top real estate agents before you get upset when a real estate agent requests a pre-approval letter.

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 · The preapproval letter is a tool typically drafted by a loan originator to be used by a buyer’s real estate agent when presenting an offer on a property. The letter may be in the form of a certificate or be an actual letter on the lender’s letterhead.

Don’t settle for a preapproval – get approved by Quicken Loans. Know Your Price Range An approval letter gives you an estimate of your loan amount, monthly payment and interest rate. Make a Confident Offer Getting approved shows sellers and real estate agents a lender is willing to give you.

A pre-approval letter can help your offer stand out in a competitive market, and help show sellers that you’re a credible buyer who can act fast and secure the financing needed to purchase a new home. In some cases, sellers may require a pre-approval letter from every prospective buyer who needs financing to purchase the home.

Realtors often ask how to identify a good pre-approval letter from a bad one. Here is a short list of questions that I would recommend asking the.

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