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What is a pre-approval and why do I need it?

By Bob Millaway, South Jersey Community Expert & REALTOR®

A pre-approval is a lender's written commitment to loan you a specific amount based on a review of your credit, income, and assets. Sellers in South Jersey typically require a pre-approval letter before considering an offer. Without one, your offer is unlikely to be taken seriously.

Why It Matters

A pre-approval tells you exactly what you can afford and shows sellers you are a qualified, serious buyer.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

Read the Full Guide

For a deeper dive, check out the HomeCircle Handbook entry on this topic.

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