Do you need a preapproval letter to buy a house in Fairfax County or Northern Virginia? Yes, you absolutely need a preapproval letter, and here’s why:
Let the seller know you’re qualified.
A preapproval letter is a one page document from a lender that shows the seller that you are qualified for the purchase of real estate. It shows you what you qualify for, with what type of financing, and it gives you an idea of your monthly payments. The letter is customarily submitted at the same time you submit your purchase offer.
Position yourself to act quickly.
In Fairfax County and Northern Virginia, it is not uncommon for a home to sell the first day on market, so if the perfect property comes up and you haven’t obtained a preapproval letter, then you could miss out on your dream home.
No surprises in your credit background.
That is why I recommend getting a pre-approval letter well in advance of starting your home search. Not only will it protect you from missing out on your dream home, but it will let you know if there is anything in your credit background that could delay your purchase.
Getting pre-approved is EASY!
Getting pre-approved doesn’t have to be a hassle. In fact, I’ve developed working relationships with top lenders in Fairfax County and Northern Virginia who are capable of getting you preapproved based on a 15 minute phone call.
If you’ve got any questions about getting a preapproval letter, please don’t hesitate to get in touch.