Can I Look at a Home Without a Preapproval?

The short answer to this is it is not a good idea. Any real estate agent who you may want to work with will require you to have a preapproval in hand to be able to show you homes. It only makes sense as they do not want to waste their time if you are not qualified to obtain a mortgage or see a home you are not qualified to purchase. Anyone can visit an open house as sellers or the sellers agent are not going to require a preapproval just to view the home.

What is a preapproval letter? This is a document a lender provides to you after they have spoken with you and obtained information and documentation of your income and assets along with pulling a trimerged credit report. Most lenders will input your information into an automated underwriting system to make sure you are approved. While preapproval letters are more prevalent today in some cases it might provide a competitive advantage over others. A preapproval letter is not a commitment to lend and they are typically good for 90 days. After 90 days all the income and asset documents need to updated and a new credit report pulled.

While you could look at homes without a preapproval letter it is strongly recommended you speak to a lender and obtain one. The Home Loan Advisors at Hall Financial can provide a 5-Star Preapproval letter which are preferred out in the real estate community.