May 9th, 2019 3:32 PM by Leonard Silvestri
How does all of this fit in with the “pre-approved” mortgage we hear so much about? It's definitely helpful to have one, but understand what it really is — or rather, isn't. A pre-approval is ultimately a letter from a lender that shows you're qualified to borrow a specific amount of money, which can give you a competitive edge against other bidders.
Even though it's not the mortgage, per se, it's a tool that shows you're serious and qualified to borrow. To that end, some sellers won't even consider an offer unless it comes with lender pre-approval. Your lender's inquiry will usually show up on your credit report, so ideally you only want to get it done once. Because pre-approval letters are typically valid for about 60 to 90 days, you want to be careful when you decide to seek out a pre-approval — it should be when you're serious about the house hunt.
Some sellers won't consider an offer unless it comes with lender pre-approval.
Go to my website to get pre-approved now at www.alternativemortgagegroup.com even if you credit is not perfect. We have FHA Loans that go down to a 500 credit score!
or Call Alternative Mortgage Group at 561-395-4264 and ask for Lenny the Mortgage Expert