In other words, a strong pre-approval might make a seller choose you, even if your offer is a little under competing offers.
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1 Can a Pre-Approval Letter Help You Get a Better Deal When Buying a Home? When buying a home, you want to have every advantage, especially if there are competing offers. A pre-approval letter is one important advantage, if done well. The short answer is maybe. Since buyers are almost universally being asked to submit pre-approvals with their offers, simply having a letter is not an advantage in itself...it s the price of entry just to have an offer entertained. However, according to listing agents, a strong pre-approval letter can make a difference over a weak one, especially when competing with other offers to claim a great house. A strong pre-approval letter reassures the seller that the buyer won't have loan problems that derail the purchase in the eleventh hour. Sellers want to know that when they commit to a buyer, they won't have to change their plans and put their house back on the market because the buyer couldn't get a loan. In other words, a strong pre-approval might make a seller choose you, even if your offer is a little under competing offers. However, even a strong pre-approval letter is unlikely to make a seller take a lot less for a property. If you offer $5,000 under the asking price, and another buyer offers $5,000 over the asking price, the seller is more likely to go with the higher offer, no matter the strength of the letter. Here are the elements of a strong pre-approval letter:
2 First, remember that a pre-approval is a step up from a pre-qualification. Pre-Approval Is Not the Same as Approval Pre-qualification is the initial conversation you have with a mortgage broker. That conversation tells you what amount of loan you can get, at what interest rate, and what hoops you still need to jump through to get a loan. A mortgage pre-qualification can help you clean up credit issues, improve your score, and make a home-buying plan. Some lenders will produce a pre-qualification letter for you, based only on this initial conversation. Needless to say, that letter is worth the paper it s printed on. Most sellers agents will see right through it. They will ask the obvious question has this buyer been pre-approved? A pre-approval means that you have submitted a formal loan application and are subjecting yourself and your finances to scrutiny. You have provided your tax returns, pay stubs, evidence of funds, explanations for debts, etc. An experienced loan officer has reviewed your documentation and, if all is in order, has provided a conditional or preapproval. While that conditional approval is still not a guarantee of funding, it is as close as you can get without getting a full commitment from the funding source...which you cannot get until you had your offer accepted on a house. FastNewsletters
3 Should Be on Letterhead Should Refer to a Specific Property A pre-approval letter is written by your mortgage lender on his or her letterhead. This may sound like an utterly ridiculous point to make, but I have been in business for a long time, and a surprising number of mortgage lenders are not terribly professional. They provide letters on blank paper. They provide hand-written letters. They provide low-quality print-outs that are nearly illegible. The basic point of entry into having your offer accepted is to make it look appealing and professional. If your lender provides a sub-standard letter, especially one that is not on letterhead, ask for a better quality version. If possible, the pre-approval letter should be written for a specific property and directed to the owners of the home, rather than a general "to whom it may concern." This demonstrates your commitment to the owner of the property who might be trying to decide between two competing offers. Every little detail helps! However, you should also have in hand a general "to whom it may concern" letter, just in case your mortgage lender isn't available when you need to submit an offer. Imagine being at an open house on Sunday, with the seller saying they'll make a decision that afternoon! It happens all too often. The generic letter should contain your ideal purchase price. John and Sue are qualified to purchase a home valued at $356,000. Don t worry if it s a bit under or over what you offer. Everyone knows the price is subject to negotiation. FastNewsletters
4 Should Mention Credit Score Should Talk about You A pre-approval letter should contain your name, relationship if there's more than one buyer, and credit score, especially if it's above 690. Not including a credit score in the letter can be seen by sellers as a kind of admission of guilt. "Oh, they must have low credit score, or they would have put it in the letter. They might have problems getting a loan." If your credit score isn't all that great, your lender can leave it off and accentuate other aspects of your qualifications instead, as long as the lender is reasonably confident he or she can secure you a loan. A decent credit score is anything over 690. (Note: You can get a mortgage with a credit score as low as 620. A score of 720 or better will give you the best mortgage rates.) A strong pre-approval letter should also mention where you work, and touch a bit on your financial stability, such as, "He's worked at Intuit for three years and they've rented in the same location for 7 years." Or "They have recently paid off their Porsche and are both managers at Jack in the Box." If the buyers have a strong financial base, sellers will assume they are more likely to be able to get a loan. They worry that less qualified buyers won t get the loan, or may have to jump through extra hoops that extend the closing date. When sellers have to extend their closing date, it messes with their plans, and can even ruin their chances of purchasing their next home. FastNewsletters
5 Should Invite Agent Contact A good pre-approval letter should invite the seller and seller's agent to contact the lender directly about the buyer. Many nervous sellers (and seller's agents) want to have extra assurances that the lender is as qualified as the buyer. In recent years, getting a loan has become a rigorous, challenging process that many buyers fail. The failure is a result of extraordinarily strict borrowing guidelines put in place after the mortgage meltdown of the last decade. Because of the complexities of getting approval, some lenders lack the experience and connections they need in the industry to push through buyer s loan challenges. By being able to converse with the lender, the seller s agent can offer more reassurance to the seller. Sometimes just hearing the lender s confident voice can make a difference in whether or not an offer is accepted! Final Word Buying a house is a fun, yet stressful experience. Like marriage, it s something you go into for all the right reasons, but reality can often be a wake-up call. Getting a mortgage is one of those kinds of experiences. When you work with a lender who understands the importance of the pre-approval letter itself not just providing you with expert service you will have a better chance of getting your offers accepted, and you may just get a better deal on the house! FastNewsletters
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