February 11, 2021 at 9:43am | Michael Hunter
With new home buyers, it can be hard to know just where to start. There's so many things that go into buying a house and most people tend to get overly excited and just find houses that they want.  A good way to save time on finding a house is by getting a pre-approval loan letter.

A pre-approval loan letter is a letter that comes from the lender saying that they are willing to lend you a certain amount of money for buying a house, it is basically how much house you can afford written down for sellers to see.

To get a preapproval letter, the lender will look at your income, assets, debts, and credit record to decide the loan amount. Some lenders may require more documentations, it just depends.

A preapproval letter is not the same as actually getting the loan, you will still need to apply for the loan when you choose the house!

So, before going in and getting your hopes up by looking at houses that may be way out of your budget, get a preapproval letter so you and your realtor can look at houses in your price range and get the process done quickly!
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