Why Get Pre-Approvals?

1. Pre-approvals act as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.

2. These days in the Metrowest Boston area most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home. Pre-approvals require that your lender run your credit so there is some basis to this stronger form of lender.

3. You do NOT need to finance your purchase with the lender that gave you the pre-approval.

4. There is wide debate about whether to put the highest amount you've been pre-approved for on the pre-approval letter that you submit with your offer. Others believe you should only put the actual amount in the pre-approval letter that you've put in your offer to not "show your cards" to the seller. Contact me for my solution.


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