One of the most common questions that people ask when they start looking at condos in West Chelsea is whether they need to have a pre-approval letter before they start looking or only need one to make an offer. There is no straightforward answer to this question because it is not a requirement, but it is useful to have one before starting your search.
What Is a Pre-Approval Letter?
A pre-approval letter is a lender’s way of saying that they will lend you a specific amount of money that can be used to purchase a home. The letter is printed on the lender’s letterhead and will state that you are approved and provide a dollar amount. The only way to get this type of letter is to provide your lender with certain financial information, including W2s, tax returns, pay stubs, and more.
How the Pre-Approval Helps
When you start looking at condos in West Chelsea, having a pre-approval letter ensures that you are not wasting your time or your Realtor’s. While these letters aren’t required to start looking for condos, most Realtors prefer to work with clients who have or are in the process of getting one.
When you have a letter and go into a place such as 35 Hudson Yards, the pre-approval shows them that you are determined to buy a condo. This letter can even give you an advantage over others who don’t come with one because it speeds up the mortgage application process.
