Don’t Forget Your Preapproval LetterWhen you’re ready to purchase a home, your real estate agent will probably tell you to get a preapproval letter from a lender. While a preapproval letter isn’t an absolute guarantee that you’ll be approved for a loan, they’re a good indication that you will be—and they’re considered more reliable than a prequalification letter.
How to Get a Preapproval Letter from a Lender
First, you’ll complete the lender’s questionnaire or sit through a telephone interview (during which the interviewer will complete the lender’s questionnaire for you).
The lender will give you an estimated preapproval amount. If you’d like an official preapproval letter, the lender will need to pull your credit report.
As long as you meet the lender’s guidelines, they will give you a preapproval letter.
What to Do with Your Preapproval Letter
Once you receive a preapproval letter f