As many of you know, if you want to use traditional financing when purchasing a property from any of the Memphis Invest companies, a pre-approval with one of a dozen different lenders is required. Why is that a requirement? As you can see with the infographic below, a pre-approval letter not only gives you a ton of credibility, but it also gives you peace of mind.
Getting Pre-Approved Before Investing
When you are pre-approved, a lender has reviewed your credit history, income figures, debt and income ratios as well as heard from you about your plans for investing. They will be able to direct you to how many properties you can purchase for your portfolio as well as how quickly you can purchase them. The lender provides you with a basic and secure (provided you have been upfront and direct with your plans and current information) environment to build an investment portfolio by pre-approving you and communicating what you can and cannot do.
This is a really big deal for our company. The biggest point in having a client be pre-approved before moving forward is so that the clients experience with our company is consistent. We want to cover as many of the possible hurdles that could come up for an investor and make the closing process as smooth and quick as possible. Being pre-approved on the front end just makes an investors' experience with investing in real estate through a Memphis Invest company that much easier.
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