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Impact of Mortgage Pre-approval /pre-Qualification letter in a low housing inventory environment


According to the National Association of Realtors, total listings of home for sale are down by 8.1% over the past year alone and have fallen steadily for 33 consecutive months.

With multiple bids on most of the properties listed for sale, low housing supply keeps this a seller’s market as buyers face affordability issues.

For serious buyers, having a mortgage pre-approval letter ready when they make their bid is very helpful. In most cases, it is a determining factor for the seller or listing agent to even consider the bid offer!


At Banas, we make getting pre-approved for a loan fast and easy, but if your advanced preparation makes all the difference.

If you’re coming to be pre-approved for a loan at Banas, or any mortgage broker, be prepared to bring:

  • Pay stubs for the past 30 days
  • W-2 statements for the past 2 years
  • Any bank statements you have for the past 2 months
  • Proof of funds for closing costs
  • A Photo ID
  • A personal check to be used for a credit check
  • A credit card to pay for a home appraisal
  • A purchase contract if applicable

For a pre-approval letter, the mortgage broker or lender reviews the credit, income, and availability of required funds to cover the down payment, closing cost, property taxes and insurance on a new home. It is always helpful to contact your mortgage broker or lender with the above information, prior to making a purchase offer on the desired home.

Have additional questions? Let us know!

We at Banas Mortgage have 30 years of experience to smoothly guide our customers through the mortgage pre-approval process. We’re brokers. We have access to multiple banks and lending institutions. We’re brokers, we’re better!

Please feel free to contact at 716-633-5888 for any questions.

About the Author

Raj Bansal (NMLS# 1611630) has received multiple accolades and titles in his time in the mortgage industry. After cultivating a career in the banking system, Bansal is happy to directly assist the Buffalo community as a Mortgage Loan officer at Banas Mortgage Co.