Preapproval is a great option in the home-buying process.
When you get an official preapproval letter from your lender, you can prove to sellers that you are serious about purchasing their home. In other words, it’s a clear sign that you’re ready to buy.
In fact, some sellers actually require that you provide a preapproval letter from your lender along with your purchase offer.
Preapproval vs. Prequalification
Preapproval is a more extensive process than prequalification. We summarize the differences for you or you can look at our easy-to-read comparison chart.
How to get an ESL Preapproval Letter
To get a preapproval letter from ESL, you will need to contact a member of our Mortgage Team and provide information so we may evaluate your credit and discuss your loan options.
Your preapproval letter will state you are preapproved for an ESL mortgage based on the information you provided and a review of your credit report. The letter will also contain some of your potential mortgage loan terms and conditions you are likely to qualify for when you complete a mortgage application with us.
Once you receive your preapproval letter from ESL, you can provide a copy to the seller along with your purchase offer.
Here are some important details to remember:
- A preapproval is not a formal mortgage commitment, but includes loan terms and conditions that show sellers you’re serious.
- There is no fee for this service.