Canton MA Events and Real Estate


Alter That Pre-Approval Letter in Your Favor


Alter that Pre-Approval Letter in Your Favor is excellent advice for buyers provided by Tammy Emineth in her blog post below.  There are two main issues in the preapproval letter - Is the buyer approved for a loan to purchase the home at the price offered?  and How high can the buyer go?  If the preapproval letter lists an amount higher than the offer, the Seller will immediately know that the buyer can go higher. 

Buyers: have your lender follow Tammy's advice.  And, if they won't, find another lender.  You do not have to go with the first lender you speak with.

If you are looking to buy a home in Canton MA or a surrounding town, call your Canton MA Buyer Broker.  I can put you in touch with a lender who will work with you on that preapproval letter while I work with you to find the home of your dreams.

pre-aproval letterPre-approval Letters. That coveted letter from the lender stating you actually can buy a home. But now that you have one, here's how you can alter that pre-approval letter in your favor.


So you want to buy a house? Better know how much house you can actually afford. There is nothing worse then starting the search only to learn you can't afford that home of your dreams. Before dashing those hopes to bits, find out how much home you can really afford then look for homes in that price range.

With the market being as it is, you can probably look at homes about $10,000 over your maximum amount and hope the offer will bring them down into your price range. If you don't want to max out that loan, alter your search for however much you want to spend. Remember though how agents market homes; they will sometimes price a home at $249,900 and miss all those buyers starting their search at $250,000. 

But how can you really make that pre-approval letter work in your favor? What if you are offering less on a home with a pre-approval letter that states you can afford more? Do you really want that seller to know you can pay more for a home but choose to offer less?

Regardless of what the seller may think, you have the right to alter your pre-approval letter for your benefit. The lender usually has to do this for you, but if you are fairly familiar with your lender, and in this case it really pays lender for pre-approvalto be, have your lender write the pre-approval letter for the amount you are offering.

Here's how this works: When you apply for a loan and are approved for a certain amount, either have the lender write up a pre-approval letter stating you have been pre-approved for a loan but not list a certain price. This can work as the seller knows you have done the homework and applied for a loan. But having the exact amount of your offer stated on the pre-approval letter is even better.

Once you have been approved, search for homes you love. When you find that home and have worked up an offer price, then have your lender issue you a pre-approval letter for that exact amount that you can present to sellers with the offer. This shows the seller that you are a serious buyer that has done the financial homework and that you can actually afford the amount you are offering.

If there is a counter offer the listing agent will typically ask the buyer's agent if the buyer can go any higher. It is up to your experienced buyers agent to negotiate on your behalf without giving away all the information.

Check out more valuable buyer information from my associates in Kirkland Real Estate and La Grande OR homes and properties.


Tammy Emineth is an expert in custom content and original articles for blogs, website, press releases and more. Contact me anytime and feel free to subscribe to this blog to stay up to date on my latest blogs and informative information. Email me or contact me for Real Estate Website Marketing and SEO Content Writing.

The information contained in this blog is believed to be true and correct and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about it's accuracy for any particular purpose. All information is copy written and the property of Tammy Emineth.  

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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field. 


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Comment balloon 4 commentsChristine Smith • December 19 2010 09:15PM


Very Interesting Indeed!  Thanks for the great information.  It's always fun to read other professionals posts on Active Pain.  Keep up the good work and thanks again.

Rob Ross

Potomac Mortgage Group

Posted by Rob Ross, MVB Mortgage (MVB Mortgage "A Potomac Mortgage Group Trademark") about 8 years ago

It is ALWAYS a great idea to have a Mortgage Professional who will bend over backwards to help you and your client finance their perfect house.

Posted by Robert Amato (Bob Amato of Empire Home Mortgage Inc) about 8 years ago

Having letters at various sales prices is not uncommon.  Sometime a buyer will be looking in different price points based on where the property is located.  In today's market, you will most likely be getting a Pre-Qualification letter and not a Pre-Approval letter.

Posted by Rodney Mason, AL,FL,GA, SC, TN (Angel Oak Home Loans) about 8 years ago

Thanks for the comments. are definitely right about having a good mortgage professional to work with.

Rodney...thanks for the clarification.

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - about 8 years ago

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