Can You Start Looking at Houses Without Pre Approval?
AuthorKelsey Heath. Date:
A mortgage pre-approval is a lender’s promise to loan you a certain amount, provided nothing changes dramatically before you apply for the actual mortgage. It indicates how much house you can afford after reviewing your finances and credit history. While it’s true you can start looking at properties without a pre-approval, getting one is a smart first step for most home buyers. The process of getting one only takes a few weeks and involves submitting basic documents like pay stubs, bank statements, and your driver’s license. In return, you’ll get a letter stating the loan amount you’re approved for. With your pre-approval letter, you can shop for homes with confidence, and sellers will take your offers more seriously, knowing your ability to get a loan isn’t an “if” but a “when.” In fact, many sellers won’t consider an offer that isn’t accompanied by a pre-approval letter. Furthermore, you also avoid … Continued
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