In many parts of the country, loan pre-approval is not important, however in the DC metro area no seller will take an offer seriously unless it is backed by a solid pre-approval letter. If you are relocating to DC metro from out of town, you are advised to work with a local lender (I can get into this in more detail during our meeting).
The loan pre-approval process is very helpful for you as a buyer as it explains to you in detail all the financing options and shows you what lenders are willing to lend to you and under what terms. In some occasions, this may make you re-think your goals, and help us narrow our focus when searching for a property.
You are welcome to use any lender you want. I will provide you with the names of three lenders that have repeatedly proven to be reliable. A pre-approval letter does not always carry the same weight. It is important for a seller to know that the lender writing a pre-approval letter, is a lender that can be relied upon. It is not unheard of for a seller to accept a lower offer just because they knew the buyer was a solid buyer, working with a solid lender.
