Get the letter right before you make the offer
One house, one letter: tailoring it to the offer
Desk answer
An offer-specific letter shows the purchase price and loan amount for the home you are bidding on, instead of your full maximum. It keeps your ceiling private and matches what the seller sees to the offer. Ask your lender how fast they can turn one around, because offers often move within a day.
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Why not send your maximum
A letter showing your top amount tells the seller how far you could stretch. A letter matched to the offer shows you are approved for exactly what you bid.
What to ask your lender in advance
- Can you issue offer-specific letters, and how quickly?
- Who to contact out of hours.
- Which details must match the purchase contract.
The best way to get pre-approved
- Gather documents with the readiness checker.
- Request preapproval from more than one lender within a short window.
- Compare the Loan Estimates you receive after applying.
- Choose the lender who answers questions clearly and on time.
Questions buyers bring to the desk
What is the best way to get pre-approved for a mortgage?
Gather your documents first, apply with more than one lender in a short window, then compare the Loan Estimates and how each lender communicates.
How do you know if your mortgage will be approved?
You do not know for certain until the clear-to-close. A commitment letter after underwriting is the strongest sign before that.