Why You Need a Pre-Qualification Letter

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Today, we will discuss the importance of the pre-qualification letter. The pre-qualification letter is essentially physical evidence that you can afford a home. 

The pre-qualification shows seriousness to all parties involved: your own agent, the listing agent, and the sellers. A pre-qualification also helps to inform the buyer. You'll know how much you can afford, and you can plan on how much you actually want to spend. 

The lifespan of a pre-qualification letter can vary from lender to lender. If nothing changes, it could be good for up to 90 days. It's important that you don't change anything. Please don't quit your job or buy a car. Don't do anything that would significantly impact the numbers your lender has pulled.

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