What is a pre-approval letter?

A pre-approval letter is a downloadable document from Better stating an exact loan amount you can borrow, assuming certain conditions are met later such as a satisfactory financial review, title report, and appraisal. You can give this letter to your agent and potential sellers to show that you’re serious about buying a home. Obtaining a letter also lets you know what you can afford, so you only spend time viewing properties in your price range.