Skip to main content.
Note to Homebuyers: A Solid Pre-Approval Letter is Key

Note to Homebuyers: A Solid Pre-Approval Letter is Key

Note to Homebuyers: A Solid Pre-Approval Letter is Key

With many homes drawing multiple offers within a few days or even just hours after hitting the market, real estate agents are advising would-be buyers to nail down a solid mortgage loan pre-approval before they start looking.

“Pre-approval is extremely important in a competitive market,” said Alexis Ruzell, with Realty Executives Integrity on the North Shore. “And it’s important to know what kind of pre-approval you are getting. Are you getting one the bank will stand behind?”

Chris Boland, a vice president and mortgage loan production manager at North Shore Bank, said there is a big difference between “pre-qualification” and pre-approval.  “Pre-qualification is typically something you can get without anybody actually checking your credit and reviewing your income versus your debts. It’s a ballpark estimate of your buying power. Pre-approval is based on verification of income, assets and credit.

With a solid pre-approval, you can make an offer with the confidence that, if it fits the parameters of the pre-approval we’ve given you, you’ll be able to get the mortgage.”

Well-priced homes are here today, gone tomorrow.

Getting pre-approved doesn’t have to be time-consuming, he added, noting that visitors to the North Shore Bank website can obtain a pre-approval letter 24 hours a day. The bank’s data processing system instantly verifies information submitted by the applicant, pulls credit scores from third-party databases, determines if you qualify for the loan amount submitted, and generates a pre-approval letter for that amount – in other words, exactly the same steps that would occur with an in-person application.

“There’s no waiting time when it comes to making an offer,” said Ruzell. “You need to come to the table with your financing arrangements in order.” 

More blog posts

Still have questions?  Email Us  |  Visit your neighborhood branch.  |  877.672.2265
Online Banking Login
  Locate a North Shore Bank branch in your neighborhood. Locations
& ATMs
Contact North Shore Bank. Contact
  Interest Rates Rates Open your account or apply for a loan. Open
  Ask Us A Question FAQs Learn more about our Video Teller system. 70 Hours,
7 Days a
Top Frequently Asked Questions
Discover convenience with our digital wallet services.
Learn more about North Shore Bank's products and services.
Learn more about chip-enabled debit cards.
Mobile Banking - Safe & Secure
Discover convenience with our digital wallet services.

Routing Number: 275071356    Customer Service: 877.672.2265
Routing Number: 275071356 | Customer Service: 877.672.2265 | Member FDIC | Copyright North Shore Bank