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do i need to have a mortgage approved before i put offer on a house?

by guerriladan987876923 from Pennington, New Jersey. Feb 23rd 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Most realtors will not present an offer unless you have been "preapproved" or "prequalified" by a lender who will check your credit and get at least preliminary information about your income and assets before providing that to the Realtor. Everyone wants to make sure you are able to get financing before the home is tied up with an offer.

Feb 23rd 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

As Phil says, it is very helpful.

Feb 23rd 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You need to probably at least have a pre approval or initial commitment to lend from a loan officer that has looked at your situation. Its not required but most Realtor's want to make sure you are a serious buyer before they present the offer to the seller

Feb 23rd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

It's unlikely your agent will submit an offer without a pre approval letter, and even if they did, the listing agent and the seller would most likely not give your offer any consideration.. Also, if your looking at a home with multiple offers, and your offer has no pre approval attached and all the others do, your offer will most likely be ignored.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 23rd 2015
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Scott Singer (ssinger)
#101 ranked lender in New Jersey - 28 contributions

No you do not but as a few have mentioned already most realtors will not present an offer unless you have been preapproved or prequalified by a lender. I am a local mortgage banker here in NJ for Millenium Home Mortgage. Please reach out if I can be of any assistance. I can be reached at 908-303-1367. Thanks, Scott Singer

Feb 23rd 2015
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,250 contributions

IF you are doing a for sale by owner, they might not ask, but it is better to get pre approved either by a bank or lender, so either way you are covered. You not want to tie up a house either thru a Realtor or for sale by owner, because your escrow deposit could be affected...

Feb 23rd 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

You need at least a pre-qualification letter

Feb 23rd 2015
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