Buying a home in a Seller's market is tough! You have many buyers trying to buy the same property. A short amount of time to view the home that goes on the market and not a lot of time to think it over before the home goes pending.
Being prepared before you start the home buying search is key to landing the perfect home! You will want to have your preapproval letter in hand before you start looking at homes. When your agent sends your offer to the listing agent they will ask to see it to confirm you have been preapproved with a lender.
The preapproval letter will be able to let you know what type of loan you will be using, the percentage you will need to put down and your interest rate you will be getting on your mortgage. All of that information is needed to complete the purchase agreement.