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If you have been pre-approved for a mortgage then you have given a lender authority to check your credit report and most likely also given them access to your financial data. Being pre-approved will give you peace of mind knowing exactly what you can afford and where your comfort zone with price range and total monthly payments would be.
In return, the lender has agreed to give you a mortgage loan approval and most likely a mortgage pre-approval letter.
As your Realtor®, I can search for a home for you knowing what you can afford so I don't waste your time showing you properties that are out of your price range. It also tells me that you are serious about finding a home. When the right property is found and you put an offer on the home, your offer holds strong to the person(s) selling the property. If there is more than one offer on the table, and yours comes with a pre-approval letter and the others don't, yours holds as a more reliable offer. Being pre-approved shows the seller that you have prepared for a home purchase in advance and that you are ready, willing and able to buy their home and you have the ability to close quickly , if necessary. A list of reputable mortgage lenders can be provided to you, just ask me ! |
ADVANTAGES OF GETTING PRE-APPROVAL FOR A MORTGAGE LOAN 
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