Real Estate Loan Pre Approval

Pre-approval in Texas real estate market means a written commitment made by the lender to offer you a loan. It is subject to some conditions and an acceptable appraisal. It is based on a critical analysis of your economic conditions. If you want to buy property in Texas, having a letter of pre approval shows that you mean business. It appeals to the sellers and they value you more. So if you want to buy your dream house in Central Texas and you want to beat the competition, make sure you have a letter of pre approval. Having pre approval does not mean that it is mandatory for you to take a loan. Instead, it shows the sellers in Texas that you are capable to buy the house you’re interested in. Do not confuse it with the term pre qualification. While pre approval is reported by a lender, the pre qualification is self reported, and is far less weighted than pre approval. Though pre approval is important, it is not the only component of a real estate proposal. Other important components are contingency clauses and earnest money. Before you find your dream house, make sure you get a Texas Realtor and get to know more about the contract. This way, when you find the perfect house, you can make offer that the seller can’t resist.