Pre approval offers for mortgages

[Anna Ding]

When you make offers on properties do you always have a pre-approval letter? I’m in the process of shopping around with different mortgage lenders to try to find the right one & I don’t want to pull a credit report with diff lenders to hurt my score until im 100% sure on the lender & property. Not sure how much a pre approval letter will impact offers though

[Hugo Alves]

Hi Anna, I helps when you make an offer and show the seller that you have spoken with a lender and they have provided a pre-approval based on your financial situation. Some seller's agents will request it before presenting the offer and some sellers may feel reluctant to accepting an offer without a pre-approval. This is there only way to see that you can qualify to purchase their home.

You should at minimum get a pre-qualification, which won't require your credit to be ran. At least you can submit something from a lender; but the seller may still request the pre-approval, I would as a seller.

It also depends on your market, if it's anything like NJ, most if not all require the pre-approval.

Best of luck!