In the real estate market, competition is intense. Between bidding wars, cash offers and other drastic measures that buyers take, getting into the perfect home might seem like an overwhelming task. You’ll need a few tricks of your own to experience real estate success. Having a Lender Approval Letter from MortgageDepot is one way to make your offer stand out from the rest.
What Is a Lender Approval Letter?
A Lender Approval Letter is an official document stating how much the buyer can borrow to purchase a home. We’ll connect you with a lender and help you get this valuable letter in hand so that you have an advantage in the real estate market.
A Lender Approval Letter outlines the following information:
- Loan amount
- Loan terms
- Total monthly mortgage payment
- Interest rate
- Other information specific to the loan
Lender Approval Letters are typically valid for up to 90 days. If you’re still house-hunting after that, you’ll need to obtain a new letter.
Why Do I Need a Lender Approval Letter?
At MortgageDepot, we want our clients to succeed in the real estate market. A Lender Approval Letter gets you one step closer to achieving your goals. Here are a few of the benefits of having this letter in hand before you begin your real estate search:
- A Lender Approval Letter tells the seller that you are serious about your offer and are less likely to back out of the transaction.
- This letter proves to the seller that you have the finances to follow through with your offer.
- A Lender Approval Letter tells you how much you can afford to spend on a home, giving you confidence that you are shopping within your budget.
How Is a Lender Approval Letter Created?
The loan approval process analyzes your credit, income and assets to determine the maximum amount of money that you can borrow to purchase a home. Our lenders use the following information to come up with an approval amount:
- Credit score
- W-2s and other tax forms
- Pay stubs
- Account statements
- Other situation-specific documentation that the lender requires
Contact MortgageDepot Today!
Don’t wait until after you’ve found your dream home to contact a lender! Talk to one of our loan professionals before you embark on your home-buying journey. We’ll help you get that critical Lender Approval Letter in your hands so that you have a competitive edge in a dynamic real estate market!
Contact one of our loan consultants to learn more.
Have questions or need help?
Call us now at 800-220-LOAN
Request a call back or email us your questions!
