Dealing with a local loan officer is so beneficial as they are familiar with properties that are remote, off-road, as well as waterfront properties all over the Peninsula! They know the local programs and will ensure you get the best rates!
I recommend holding off on a preapproval letter until you’ve identified a property you love. Why? A preapproval involves a credit check, which can slightly impact your score, something to avoid if the perfect home isn’t on the market yet. Our Seldovia market is small, and “your” property might not be available right away, so patience can pay off.
Once you’ve found the right home, a local lender will work diligently to secure the best rates and loan options tailored to your needs. They’ll ensure you can comfortably afford the offer, and that it is competitive and matches the property’s requirements, as some homes may not qualify for certain loans. A quick meeting with a lender can clarify what works best for your situation.
A preapproval letter, sometimes called a 90% letter, shows sellers you’re a serious buyer, strengthening your offer. It also outlines your purchasing power and should align with your offer amount—for example, a $350,000 offer should be backed by a preapproval for that amount, even if you qualify for more.
Having this letter ready speeds up the process once you’re under contract, as your financials are already verified.
Ready to explore your options? Let’s connect to get you started! I would be happy to refer you to a few great lenders who have successfully helped folks buy in Seldovia!
