TAYLORVILLE HOMES for SALE ~ Michelle DeClerck, Broker/REALTOR

What is pre-approval?

 

A Pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information. Most pre-approval letters are good for 60-90 days.

 

Why you should get pre-approved?

 

There are many reasons why you should get pre-approved.  The most important reason you should get pre-approved early in the process of purchasing a home is that you will get an accurate idea of how much you can afford. This will ensure that you only look at houses that are truly in your price range.  A pre-approval letter is also essential in a competitive real estate market.  If you make an offer on a house without a pre-approval, your offer will not be taken as seriously as an offer from another person with a pre-approal and you could lose out on purchasing the house of your dreams.  Additionally, most bank-owned homes will require a pre-approval letter from a lender before accepting an offer.

 

What is involved with getting pre-approved?

 

In order to obtain a pre-approval letter you will need to contact a lender.  You will typically be approved within 24-48 hours. Click here to calculate how much you can get pre-approved for and to get connected with a trusted lender today.