How to get the right letter you need in your back pocket before looking at homes so you can win the bid on your next offer.
Sellers will not even consider taking an offer seriously that does not come with an air-tight pre-approval letter. But savvy agents (myself included) know to look even deeper. They will advise their seller NOT to take your offer seriously depending on the qualify of the Pre-Approval letter.
A pre-qualified letter and pre-approval letter are different animals. A pre-qualified letter does not carry the same weight as a pre-approved letter. Sounds the same, but its not.
The Qualification letter only means that a lender has pulled your credit. Your credit is good enough to qualify for a loan. This is not enough. Buyers can get rejected and turned down for a loan once other criteria have been reviewed.
The Approval Letter means they have looked at your credit, income, job history and tax returns. You have the green light to buy the home you want with a VERY HIGH probability to close.
Nothing is ever 100% certain until the home and buyer have both been past the underwriter can cleared to close.
Don't shop without the right letter. You want sellers to accept your offer, make sure your letter backs up your ability to close.
If you have questions about getting pre-approved, call/ text 940 859 1477 or email Brian Webber. (awesome husband and loan officer)
PS. Please share this with a friend or family that may have questions about moving and/or improving their credit score.