Pre-Approval Letter
Why do you need a pre-approval letter if you are looking to buy? A pre-approval letter is a one-page document from a lender. The pre-approval letter shows the seller that you are qualified for the purchase of a home. It shows you what you qualify for, what type of financing, and gives you an idea of your monthly payments.
In the Big Island, it is not uncommon for a home to list and sell within a week due to the price and location. If the perfect property comes up for you and you haven’t obtained a pre-approval letter, you could miss out on your dream home.
That is why it is my recommendation to get a pre-approval letter months in advance of starting your home search. Not only to protect you from missing your dream home, but also to check that nothing outlandish has affected your credit that could delay your purchase.
More Information
Getting pre-approved doesn’t have to be a hassle; in fact, I’ve developed many working relationships with top lenders in the area who are capable of getting you pre-approved within a day.
