3 Benefits of a Pre-Approval Letter

There are a number of steps when it comes to buying a home at the Lake of the Ozarks. From pre-approval to starting your home search to making an offer on your dream home, all of the home buying hurdles are important! Your trusted real estate agents in Eldon, MO are here for all of your home selling needs! We have dedicated this week's blog to everything pre-approval! To learn more, see the benefits and process below.


1. Shows Seriousness


A pre-approval letter shows your trusted real estate agent near Eldon, Missouri that you are serious about purchasing a home. This can also help show potential buyers that you are dedicated, when it comes to buying a home. Everyone involved in the real estate transaction will see your letter as a benefit and take you more seriously.

2. Look in Right Price Range


A pre-approval helps to show you exactly what you can afford in a mortgage loan. This is a major benefit due to the fact that you can help narrow down your search and ensure you are looking at homes in the appropriate price range. It can be heart wrenching to find a home and fall in love, only to learn you simply cannot afford the monthly payments afterward.

3. Increases Buying Power


When making an offer to purchase a home, the seller will likely give your offer a higher regard than someone who does not have loan pre-approval. This shows the seller that you are dedicated to buying and have the bank's backing for the loan amount. Buying power is a huge benefit, especially when competing against other potential buyers for your dream home!

How To Apply for Pre-Approval


The first step to getting pre-approved for a mortgage loan is to select a lender. Once you have a lender to work with, he or she will provided you a list of financial documents in which you need to provide to get a sound loan amount, according to your provided documents. After your mortgage lender reviews your documents and submits them for approval, you will receive a pre-approval letter for the lender. You can share this document with your real estate agent as well, to ensure they know what price range you can afford.

Now that you know all about the benefits of pre-approval, you are ready to start your home buying process now. If you are in the market to buy a home near Eldon, Missouri, we are here for you! From help with the home buying process to negotiations, we can help with your entire real estate transaction. We look forward to helping you find your dream home at the Lake of the Ozarks. Contact Devine & Associates at (573) 392-9900 to start your home search today!


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203 E. 10th St., Eldon, MO 65026
(573) 207-8407
213 N. Main St., Laurie, MO 65037
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