Getting a Pre - Approval Is Important Prior To Searching.

[Jerry Padilla]

Pre-approvals are important as a pre-approval letter

- Gives you a stronger offer

- Shows that you are serious and qualified for a mortgage to purchase the property of interest

- A pre-approval will also tell you how much you qualify for so you are looking in the right price range

- It will also help speed up the buying process once you found a house. There are two types of pre-approvals.

Quick Qualifying pre-approval: Involves looking into your income, down payment and credit report

Full Mortgage pre-approval: Takes all the necessary documentation to underwriting and generally takes 72 hours after all items are received.

Loan Commitment: Is what you receive after underwriting has reviewed the pre-approval.