How to beat the buying competition with a loan pre-approval

A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.

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Beating all-cash offers in real estate requires an outstanding game plan by savvy sellers.. To compete against all-cash offers, however, you'll need to fine-tune your. of reducing approval times for the appraisal and final loan approval.. ironclad pre-approval letter, verifying you're a well-qualified buyer.

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Pre-approval can also help you beat out the sometimes-fierce competition as you can act quickly when you find a property to buy, while buyers without financial certainty may drag the chain.

So if you are looking to buy, how can you beat the competition to buy your home? The best bet is to get pre-approved for your mortgage. That’s where you need to start. Having a pre-approval on hand when you start shopping is a great way to start out your search, and it gives you a leg up on the shoppers that are just looking.

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A mortgage pre-approval shows sellers you’re serious and helps you stand out from the competition. You’ll be confident in knowing how much you can afford. It may even mean your offer gets chosen over a higher offer from a buyer who isn’t pre-approved.

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Getting an auto loan preapproval is essential if you plan to purchase a. The dealer may be able to beat your preapproved offer, but if you don't have. Because an outside financial institution is competing with others to make.

Be prepared to offer up a pile of paperwork to earn your pre-approval. In general, the paperwork you’ll need to assemble for your lender includes the following: Pay stubs from the past 30 days showing your year-to-date income. Two years of federal tax returns. Two years of W2 forms from your employer.

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