How Does a Reliable Source of Income Affect Buying a Home?
During the homebuying process, you’ll first want to speak with and evaluate mortgage lenders to get a pre-approval letter. This Pre-Approval Letter is what Real Estate Agents (and you) will utilize throughout the search process.
What is a Pre-Approval Letter?
A preapproval letter is a document that states how much a lender is willing to loan the buyer(s) for a new home. Often, it is the document that will help guide your relative price range assuming the buyer is not paying “cash” for the property. More importantly, the pre-approval letter will help direct the buyer and agent how much the buyer can afford when bidding on a property.