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.

[JOAN DICKIE]

You are totally right @Jerry Padilla . Around here, most realtors won't put you in a car to go look without a pre-approval and I don't know of any listing agents that will present an offer without one.

All buyers should get a pre-approval to make sure how much they really want to spend on a home. Total rent per month does not equal a mortgage payment unless you are already figuring in PMI, insurance and taxes into that amount. A loan officer can help you define each of these to help you decide what you can afford.