Jun 10th	What is a Pre-approval Letter and Why do I Need It?
2010	Categories: Buyer's Resources & Advice

In today's real estate market here in the Santa Barbara area, one item that you will almost certainly need upon submitting any offer on a home is a pre-approval letter from a lender....especially if there are multiple offers. What is Pre-approval Letter? In real estate lingo, a pre-approval letter from a  mortgage lender simply means that you have a commitment in writing from a lender to lend you a specific amount of Money to buy a home under certain conditions (e.g., length of the loan and interest rate). Why is This Important? For you as a buyer, it is important to have a pre-approval... Read more

Tags: pre-approval letter real estate, real estate pre approval, santa barbara pre approved buyer

0 Comments »