When you get your Pre - Approval document from a lender it should include the following information:
Clear statement as a preapproval letter
The lending institution's name
The type of mortgage - conventional, FHA, VA, etc.
The terms at which you are pre -approved including the amount financed, interest rate, and length of loan
The property address
Pre -Approval time
Contact information for author of the letter
Bear in mind that some of you may already own a home. If so, this letter is important, as it will state the financial landscape in relation to your property.
While being pre-approved is fortuitous, if we need to sell your home first, this could affect our ability to purchase a home. Many Seller's are not going to be interested in a potential Buyer that needs to sell a home as a condition for purchase.
Buying a home takes a lot of time and preparation. Being well prepared with proper documentation is time well spent. One of the biggest fear of any Seller is accepting an Offer only to find out the Buyer was rejected for a mortgage. We need to do our best to take away this fear by presenting the Seller with a solid Pre-Approval letter.
Again, the power of documentation....
Author:Judith McGann Phone: 484-788-2699 Dated: August 20th 2018 Views: 2,835 About Judith: ...