Your Pre-Approval Letter Comes First

Q: I want to look at homes first, can I just call any realtor to show the home to me?

ANSWER:  says that

Before you shop online or in person for a home, even if you’re paying cash, you need to connect with a great realtor, Connie can help you connect with a great lender. The mortgage pre-approval is your #1 home buying preparation tool.

  1. Pre-approval tells you what price range you can afford
  2. Realtors and sellers won’t take you seriously without it
  3. Your mortgage process will be smoother and faster
  4. A preapproval isn't always a preapproval. Until documents are signed, the lender may find something on your credit long after you have gone in to contract. CONTACT CONNIE FOR HER LOCAL, PREFERRED LENDERS. THIS LENDER WILL GIVE YOU A CELL PHONE NUMBER TO CALL DURING THE BUYING PROCESS. 
  5. Interest rates are usually locked 3 days after going in to contract to purchase a house and are based on your credit history, the price of the home (lower priced homes are riskier loans for lenders, and other factors). A QUOTED RATE IS NOT A LOCKED IN RATE. 

Those advantages should be enough to convince you. But 42 percent of homebuyers go shopping for a home without mortgage pre-approval.

John and Linda’s story

John and Linda jumped the gun and began their home pursuit by searching for properties online.

Once they found a few homes they liked, the couple contacted a real estate agent about seeing the properties. The agent asked if they had a mortgage pre-approval letter. John and Linda assured their agent that they were not going to contact a lender first--their credit and finances were impeccable, everything was in order, and there would be no problems.

Shop for money, then shop for houses

Unfortunately, John and Linda were wrong. In fact, their offer never got off the ground because they couldn’t produce a pre-approval letter. In today’s hot sellers’ markets, a solid pre-approval letter is a must.

To add injury to insult, John and Linda discovered that their finances were not as “impeccable” as they’d believed.

John and Linda were embarrassed and disheartened. That’s why it’s smart to shop for money, then shop for houses.

The Mortgage Reports 

Guide to Home Buying

Our step-by-step guide will direct you through the home buying process from start to finish. Know what to expect, no matter where you are in your home buying journey.

Sellers are pickier than ever

It’s a hot market in just about every part of the country. This means that sellers can be pickier when choosing what offers they’re willing to accept.

In a hot seller’s market, inventory tends to be scarce. Getting pre-approved gives you a leg-up on your competition. A mortgage pre-approval allows you to make an offer with confidence and shows that you’re a serious buyer with the means to purchase a seller’s home.

Many real estate agents won’t even allow homebuyers to tour their listing if the buyers don’t show up with a pre-approval letter from a reputable mortgage lender.

What is a pre-approval letter?

A mortgage pre-approval letter from a lender assures you, sellers and real estate agents that you have the ability to a complete the purchase of any home that meets the lender’s guidelines.

Mortgage pre-approval shows you what you can afford to spend and what your monthly payment will look like.

Mortgage pre-approval is not merely pre-qualification. Many lenders issue “pre-qualification” letters after asking you about your income, debts and assets, and perhaps checking your credit.

Mortgage pre-qualifications are good (but pre-approvals are better)

While a pre-qualification letter is better than nothing (at least you put some thought into your prospective purchase), it can’t compete with an offer from a pre-approved buyer. To secure a mortgage pre-approval, you must complete a mortgage application and submit all required documents. These can include (but are not limited to):

  • Pay stubs and W-2s (typically two years)
  • Tax returns (typically two years if self-employed or you earn commissions or bonuses)
  • Bank, retirement and investment account statements (two to 12 months, depending on loan)
  • Financial statements (if self-employed)
  • Letters of explanation for credit blemishes
  • Divorce decrees, if you pay or receive spousal or child support

Often, one document might trigger a request for others. For instance, a bank statement showing 15 bounced checks in a single month might cause an underwriter to question your financial management skills. It’s best to resolve these glitches before home shopping.

You can get a pre-approval letter and shop for rates later

You don’t have to go with the lender from which you receive your pre-approval letter.

Get your pre-approval from any reputable lender, and get an accepted offer on a house.

From there, shop your mortgage to at least three, but potentially many more lenders. Get the best rate you can, as long as the lender can close on time.

Studies show that many homebuyers quit mortgage shopping after getting one quote. But a Stanford University study showed that failing to compare quotes from at least three or four mortgage lenders costs buyers on average over $2,500 in extra fees for a $200,000 loan.

So, don’t let mortgage rate shopping deter you from getting a pre-approval letter first. After all, the best rate in the world will do you no good if you can’t buy the house.

You want to downsize/upsize but where do you start?

Connie will help you plan and execute a time-saving strategy---that's her specialty...helping clients chuck tasks to very a very manageable plan!  She can be as hands on and involved as you'd like her to be! Plan a one on one meeting, get to know her, and see how she can help you. Ask for her NO OBLIGATION,  helpful, FREE print or online buyer's guide!

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Help! You want to sell your home, you have purchased many homes but need a little coaching, or you are a first time homebuyer, and you don't even know where to begin, Connie, please help!

Connie can help guide you every step of the way, from determining best timing, to helping Sellers clear clutter, get storage, stage, or buyers seeking financing including down payment assistance programs and best interest rates, find movers, inspectors, repairmen, and so on. Her clients love her ability to prepare them for this big financial transaction! You can also ask for her NO OBLIGATION, helpful, FREE online or print first time buyer's guide.

And more questions


I found a home that has foreclosure OR Short Sale notices, Iet's go look at it. I’m in a hurry!

IT'S NOT A FAST PROCESS Let’s find a short sale or foreclosure for you, but it takes time, and know that if it’s not on the MLS, it’s not yet for sale....the bank has legal obligations to follow, and these notices are a step in a process that can take up to a year to complete....the owner may be trying to get current on payments.  Short means owner is short--he owes more than the house is worth. Read more here, and if you are interested in foreclosures, call Connie at 614-943-0025 or email 

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Connie Sadowski RE/MAX Premier Choice REALTOR ®

TEXT/CALL (614) 943-0025 FAX (614) 407-9651 Central Ohio Real Estate


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