A pre-approval letter is essential for a number of reasons. A mortgage pre-approval means that a lender has reviewed your finances and assessed how much you're qualified to borrow based on factors such as your income, debt, and credit history.
Being pre-approved for a loan can provide you with clarity on your budget, confidence in your ability to secure a loan, and a competitive advantage in a bidding war. Due to limited housing inventory, there are far more buyers than sellers in the market, resulting in fierce competition. When a seller understands that you’re qualified to buy the home, you’re in a better position to win.
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