An online mortgage pre-approval letter shows a lender’s willingness to give you a home loan. People often need this when they’re ready to buy a house. It tells sellers you’re a serious buyer.
Want to write this letter? It can be tricky. Don’t worry, we’ve got you covered!
Keep reading for templates, examples, and samples. We’ll make writing easy!
Online Mortgage Pre Approval Letter
[Your Name]
[Your Address]
[Your Phone Number]
[Your Email Address]
[Date]
[Lender’s Name]
[Lender’s Address]
Subject: Online Mortgage Pre-Approval Letter
Dear [Lender’s Name],
I am writing to request a mortgage pre-approval letter based on the information I submitted through your online portal on [Date].
I am interested in purchasing a [Type of Property, e.g., single-family home] in [City, State]. My desired loan amount is approximately [Dollar Amount].
My annual income is [Dollar Amount], and I have a credit score of [Credit Score, if known]. I plan to make a down payment of [Percentage or Dollar Amount].
Please provide a pre-approval letter outlining the maximum loan amount I qualify for, the interest rate range, and any applicable terms and conditions. This letter will be helpful as I begin my home search.
Thank you for your time and consideration. I look forward to receiving the pre-approval letter soon.
Sincerely,
[Your Name]
How to Write Online Mortgage Pre-Approval Letter
Subject Line: Capture Their Attention
- Be succinct; brevity is your ally. Craft a subject line that immediately conveys the purpose.
- Example: “Pre-Approved Mortgage – [Applicant Name] – Up To $[Amount]” This is direct and unambiguous.
- Avoid hyperbole or clickbait; trustworthiness is paramount.
Salutation: The Art of the Greeting
- Address the applicant(s) by name. “Dear Mr. and Mrs. Smith,” sounds infinitely better than “To Whom It May Concern.”
- Verify the proper spelling and pronouns to avoid any initial missteps.
- If unsure of marital status, opt for “Dear [Applicant 1] and [Applicant 2],”
Introduction: Set the Stage with Assurance
- Begin by explicitly stating that the applicant is pre-approved for a mortgage.
- Mention the pre-approved loan amount and the type of loan (e.g., conventional, FHA, VA).
- Example: “We are delighted to inform you that you have been pre-approved for a [Loan Type] mortgage up to $[Amount].”
Body Paragraphs: Delve into the Details
- Elaborate on the terms of the pre-approval. Specify the interest rate (if applicable) and any associated conditions.
- Outline the documentation required to finalize the loan application, such as income verification, asset statements, and credit history review.
- Clarify the pre-approval’s validity period. “This pre-approval is valid for 90 days, subject to market fluctuations.”
- Include a disclaimer; pre-approval is not a guarantee of final loan approval. Subsequent underwriting is still needed.
Property Specifics: Address the Elephant in the Room
- Note the pre-approval is contingent upon satisfactory appraisal and title search of the prospective property.
- Mention any geographic restrictions or property type limitations.
- Emphasize that the actual loan amount may be adjusted based on the appraised value of the property.
Contact Information: Be Readily Available
- Provide your name, title, phone number, and email address. Make it easy for the applicant to reach you.
- Include the name and address of your lending institution. This adds legitimacy.
- Offer to answer any questions or address any concerns the applicant may have.
Closing: A Cordial Farewell
- End with a professional and encouraging closing. “Sincerely,” or “Best Regards,” are appropriate.
- Reiterate your enthusiasm to assist the applicant with their home-buying journey.
- Sign the letter digitally and include your printed name and title beneath the signature.
Online Mortgage Pre-Approval Letter FAQs
Navigating the mortgage pre-approval process can often raise many questions. This FAQ section aims to address the most common inquiries related to obtaining a mortgage pre-approval letter online.
What is a mortgage pre-approval letter?
A mortgage pre-approval letter is a document from a lender indicating the maximum loan amount you may qualify for, based on a preliminary review of your financial information.
How do I get a mortgage pre-approval letter online?
You can typically obtain a pre-approval letter online by completing an application on a lender’s website, providing necessary financial documents, and undergoing a credit check.
What documents are typically required for online pre-approval?
Commonly required documents include proof of income (pay stubs, W-2s), bank statements, tax returns, and identification.
How long is a mortgage pre-approval letter valid?
A pre-approval letter is typically valid for 60 to 90 days, though this can vary by lender.
Is a mortgage pre-approval letter a guarantee of a loan?
No, a pre-approval letter is not a loan guarantee. Final loan approval is contingent upon a more thorough review of your finances and the property appraisal.
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