Thursday, February 9, 2017

Mortgage Pre-Approval

Posted by Timmy
Banks can provide you with a mortgage pre-approval. A pre-approval letter sets forth the amount which the bank will loan you to finance the purchase of the home. Most, if not all real estates and home buyers want to see that you have been pre-approved for the mortgage that you will use to finance the purchase price of the home. This letter lets everyone know that you are a serious buyer with the means of closing on the property if an agreement is reached. Of course, if you have the cash to buy the home, then you do not need a mortgage and should not be reading this blog! One practical tip: many pre-approvals expire after a certain period of time. This means that if the time period expires, you may need to submit updated income documents, etc. to the bank for re-approval. They may even need to run your credit again. Bummer.


Post a Comment