What is a pre-approval letter?
When you go through the pre-approval process with Better Mortgage, we’ll give you an official document called a pre-approval letter. It states how much you’ll be able to borrow for the purchase of a home based on the information you provided to us in your pre-approval application. Your final loan amount will be verified through the full underwriting process, but the pre-approval letter is still a valuable and accurate tool that will greatly increase your chances of winning an offer on the home of your choice.
The benefits of a mortgage pre-approval letter
Especially in competitive markets, a pre-approval letter is one of the best ways you can ensure your offer is taken seriously by sellers. You can provide it to your agent, who will include it along with your offer when you’ve found the right home. It tells the seller you’ve already looked into financing and that you’re highly likely to be able to complete the purchase if they accept your offer. Pre-approval letters can also be extremely helpful in your home search process, as they give you a more accurate picture of what a comfortable price range will be for you.
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