How Pre-Approvals Help You Win The Offer

July, 2014

One of the best things you can do to help ensure that you have the best possible shot at getting the home you want to buy is to get pre-approved for a mortgage. Pre-approval is basically a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other requirements.

One thing Dave Financial will do prior to writing your pre-approval letter is check your credit reports and credit scores. By taking care of this early on, you’ll have an idea of what kinds of loans you may qualify for, and you’ll have time to clear up any mistakes or problems you find on your reports before you start home shopping.

Most realtors will not show you homes, or allow you to submit an offer without a preapproval letter from a lender.  Most sellers are advised by their realtors not to consider an offer without a preapproval letter.  The preapproval letter shows everyone that you have submitted financial documents to a lender and already qualified for a loan.

So before you start shopping for your home let the team at Dave Financial help get you pre-approved!