Mortgage Pre-Approval and Pre-Qualification
When you find your dream house, you need to act quickly. You'll need to craft a solid purchase offer that demonstrates not only your strong desire to buy the property but also demonstrates your ability to perform on the contract. Unless it’s a cash purchase, the offer should be accompanied by a mortgage approval letter stating that a lending institution has approved you for a specific mortgage amount.
A mortgage approval is the best and strongest statement of buyer qualification. If you can't get an approval, you can use a pre-qualification letter. This states only that you qualify for a certain mortgage amount based on preliminary application. This is not as strong as an approval, but it works when there are time constraints.
A desirable property may have several would-be purchasers. That's why it's important to be prepared with a mortgage approval or at least a pre-qualification before you even start looking!
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