What is a Pre-Approval Letter

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A pre-approval letter states to  everyone involved in your transaction that you have taken the time to go to a lender and have provided your financial information to determine if you are able to obtain a loan for a piece of property.  This letter is from a lender stating they have reviewed your credit report, they have verified your income etc. and based on this preliminary work, they feel they can give you a loan. They are not saying they have checked out your life history, it is a quick “based on what I can see”, you are good to go. If you want to win on an offer, you need to have this before you look at homes.

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