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My real estate agent recommended that I get a preapproval letter. What is a preapproval letter, and why should I get one?

April 26, 2017agent letter preapproval Real Estate recommended

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My real estate agent recommended that I get a preapproval letter. What is a preapproval letter, and why should I get one?

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The lender gives a commitment letter that states the lender agrees to provide a mortgage to a homebuyer. Commitment letters help you set realistic goals while you’re house-hunting, provide the same negotiating ability as a cash buyer and enable you to move quickly once the perfect home is found.