A Preapproval Letter Can Make All The Difference

The best way to compete with cash home buyers in today’s real estate market is to have a preapproval letter from your mortgage lender. The housing market in Napa County is brisk and home buyers who want an advantage in the bidding process can increase their odds in a multiple offer situation by having more than a prequalification letter.

Before meeting with your mortgage lender to secure a preapproval letter make sure you bring these helpful things with you; pay stubs, bank account statements, tax returns and W-2 forms from the previous 2 years, and documents to show other sources of income (which could include a second job, overtime, commissions and bonuses, interest and dividend income, Social Security payments, VA and retirement benefits, alimony, and child support). This will make the whole process run smoother.

A Preapproval Should Include…

The preapproval letter should include the amount the buyer is qualified to borrow and should be dated within 60 days of the anticipated purchase date. The letter should be on letterhead paper and should include the loan officer’s contact information.

A Preapproval Letter Makes All The Difference

Don’t miss out on your opportunity to buy because you don’t have a preapproval letter. Talk to your mortgage lender and get your preapproval letter today!

Tagged with: Heritage • Mortgage • Napa • Preapproval Letter • Sotheby's

Filed under: Real Estate

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