Decision Tools
Pre-Approval Letter
Obtaining a Pre-Approval Letter can be a very important part of the home purchasing process. Many realtors will require a homebuyer to obtain one before they will agree to work with a homebuyer. Realtors require it because they want assurances that their clients are legitimate prospects for purchasing a home. The last thing a realtor would want to happen is that their client puts an offer on a house and then is unable to obtain financing for the purchase. When this happens, the realtor feels that he or she has wasted their time and energy showing their client homes to buy when in the end they were unable to complete the transaction because financing was not available in a timely fashion. This can also hurt a realtor's business and professional reputation because the perception will be that he or she did not take the appropriate steps to ensure that the home purchase would go through.
Similarly, people who are selling homes will often require one from a potential buyer before they will accept an offer on the home that they are selling. People who are selling their homes usually want to sell in as timely and efficient manner as possible, and do not want to worry that the sale of their home may not happen because the buyer is unable to arrange the proper financing in time. Usually, sellers want to close the sale of their homes as quickly as possible, and do not want to jeopardize a transaction due to an unqualified buyer. Sellers who are unable to sell their homes the first time they put it on the market can face the prospect of having to lower their selling price if the housing market is declining, or be forced to accept a lower price simply because the home has been on the market for a prolonged period of time, or external pressures are forcing them to sell at a discount just to get the deal done.
By completing the online forms through our Full Search, a free, no-obligation Pre-Approval Letter will automatically be generated assuming that the profile you created through our Full Search returns results actual results for your purchase transaction. It is only valid for the states in which we are licensed, but it is free for you to use at your discretion, regardless of whether or not you use LoanInsights to finance your home purchase.
Any realtor or home seller with whom you are working should be very comfortable knowing that you have obtained your letter through LoanInsights. By completing the forms on our Full Search, you are creating a customized consumer profile that allows us to compare your profile against the lending guidelines and criteria and pricing metrics of the lenders in our networks. At the end of our Full Search the results that we list, if any, contain products of lenders for which you are very likely going to qualify. Our web technology essentially automates the function of a mortgage broker, and our letter is therefore as accurate, if not more so, than any other one you may be able to obtain from another mortgage provider.
