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Get Pre-Approved for a Mortgage

Most people have a vague idea of how much house they can afford. Unless they have consulted with a lender or real estate agent they may have an unrealistic idea of what their price range for a home really is. They may also be setting themselves up for failure in the market. Consider this scenario. A seller gets two similar offers. One is accompanied by a letter from the buyers bank that he/she is approved for a mortgage in the amount of the offer. The other has no such supporting document. Which offer do you think the seller will consider?

Mortgage letters come in two levels. One the pre-qualified letter simply states that the buyer has sufficient income to afford said property. No income verification or credit report has been pulled. The pre-approval letter says that the buyer has the income, credit score and debt/income ratio to qualify for a house of said price. The pre-approval letter is the preferred of the two. Neither letter states that the financing is guaranteed though. Factors such as appraisals, inspections, down payments still must be considered.

In most cases, these approvals can be done with the lender over the phone. A face-to-face meeting usually is only required when formal application is made for a mortgage when and offer has been accepted.

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Contact Information
Phone: (360) 424-1111
Toll-Free (800) 299-0282
Fax: (360) 424-9212
120 E. George Hopper Rd.
Suite 100
Burlington, WA 98233