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Home Buyer’s Guide: Why Pre-Approval is a Good Thing
By Reginald Sullivan | August 25, 2006
1) Before you make an offer, get pre-approved for a mortgage. When buying a property in a tight housing market, your purchase offer should be comprised of scarcely any stipulations. Frequently, offers contingent on attaining financing will quash an agreement. Many times the owner of the property may welcome an offer for less money from a competitor instead of taking the risk you won’t be able to secure a mortgage. A letter from your mortgage banker indicating you have been pre-qualified gives confirmation to the seller you are prepared to execute a sale.
Topics: Articles, Buyers/Sellers Tips |