Iam1234, Renter in Huntington Station, NY

do you need your pre approval letter to go look at a house you are interested in??

Asked by Iam1234, Huntington Station, NY Fri Apr 27, 2012

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Anna M Brocco’s answer
Keep in mind that that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore it's really in your best interest to have one--why risk wasting time, disappointment especially if it turns out the property is not within your budget, losing to another prepared potential buyer, etc.
1 vote Thank Flag Link Fri Apr 27, 2012
Hello , you should always get pre approved first so you know what you can afford , also that way when you do find your dream home you know you can buy it and be comfortable with the payments.
1 vote Thank Flag Link Fri Apr 27, 2012
ive been pre approved and have not received my letter yet. Will it make a difference
Flag Fri Apr 27, 2012
You don't need a pre-approval but I am sure you can understand that agents and sellers would prefer you to be pre-approved so they can show you properies within means. I can provide a pre-approval for you in 1 hour if needed. We need to take a look at your income vs. your monthly expenses. I know this sounds challenging but truly its very easy. I can work up monthly payments and exaplain certian loan prgrams. Feel free to call me 631-316-7272 or email me at krodgers@thefederalsavingsbank.com. I am based out of Melville and live in Huntington. Look forward to speaking with you, if you have any questions please never heistate to call !

Thanks !

Kieran Rodgers
The Federal Savings Bank
0 votes Thank Flag Link Thu Dec 20, 2012
You dont NEED a pre approval letter to look, but you will need one in order to find out how much you can afford. You will NEED the letter in order to make an offer. In addition, many agents do not want to waste their time taking out buyers to several houses when they don't know that they can even afford them.
0 votes Thank Flag Link Tue May 1, 2012
You are going to need a full pre-approval to purchase a home and will be in a first place position to tender an offer. why would you wait to get one?

As a Realtor, I do not want to work with a buyer who has not already received their pre-approvals. It would make me wonder how serious they truly are.

Also, you may believe you can afford a certain price point and then find out through your pre-approval that you do not qualify for that amount.

Do yourself a big favor, there is no cost involved. Prove you are serious...get yourself a pre-approval.

If you need names and contacts for mortgage brokers or mortgage broker/bankers, I will be happy to supply.

gail@GladstoneGroupRealty.com 631-425-6150
0 votes Thank Flag Link Fri Apr 27, 2012
You should have a pre approval letter available that can be submitted with your offer.

Being pre approved, you will know your range of affordability, how much down payment you can afford, as well as the monthly mortgage payments you can handle comfortably.

If dealing with a bank owned property, they will usually require a pre approval letter and confirmation of funds available. Your offer will be stronger with pre approval.
0 votes Thank Flag Link Fri Apr 27, 2012
Dear Lam1234,

In most cases, you will be referring to a pre-qualification letter (even though they sometimes state pre-approval). This is definitely the least you should do. You will have to go through this process anyway in order to purchase.

Keep in mind that there are some sellers that will not want to be bothered to leave their homes, take their pets or find sitters and miss their family dinner unless they know for sure that the buyer has at least taken the step to get pre-qualified. This is a simple process and should be done. Also, keep in mind that the market it hot right now, at least in my state as well as many others. If you do find a home that is a great deal, chances are it won't be on the market long. If you don't have a pre-qualification to submit with your offer, chances are very good that it will not be taken seriously.

If you want to go one step further in order to avoid last minute nightmares just prior to closing, ask you lender to pre-approve you. This means that they will go through the whole process and all you have left to do is find a home that the bank approves of.
0 votes Thank Flag Link Fri Apr 27, 2012
No you don't. It is always a good idea to talk with a lender first and then go see homes.
0 votes Thank Flag Link Fri Apr 27, 2012
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