Real estate · Reinvent NY glossary
A mortgage pre-approval letter is a document from a lender stating the maximum loan amount a buyer qualifies for, based on a preliminary review of credit score, income, assets, and debt. Pre-approval is essential before house hunting — most sellers and listing agents will not accept offers without one. The letter typically shows the approved loan amount, interest rate range, and loan type. Pre-approval is valid for 60-90 days. For foreign buyers without US credit history, obtaining pre-approval is more challenging and may require a Foreign National Loan program.
The four states international buyers ask about most: New York up 5.2% on the year, California at a 4.22% yield, and what Texas and Florida really cost.
Indiana, Missouri and Ohio in 2026: state gains of 3-3.5% on the year with yields of 5.75-6.61%, and the secondary cities quietly outperforming the metros.
Baltimore in 2026: a $192,669 typical value, $1,799 rents and an 11.2% gross yield — the highest on the Northeast corridor, and what the price is telling you.
Ohio in 2026: a $251,502 state median up 3.5% on the year, with Cleveland at a 14.13% gross yield and Columbus at 6.96% — and what separates the two.
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