1800LoansNow
Joined: 28 Jan 2005
Posts: 7
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| Posted: Mon Jan 31, 2005 12:05 am Post subject: Mortgage Pre-Approvals for home purchase |
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Most mortgage companies will give free of charge a "Pre-Approval" for a loan. If you read the fine print this document is nothing more than a statement that you could have a loan of this amount, if all the information you provided is valid.
All experienced real estate agents and builders know this, if you really want to know what you can borrow and afford you can have the lender supply you with a commitment letter, based upon what they WILL loan.
As a custom home builder who has sold several hundred homes, I can attest that the pre-approval letter with-out a commitment based upon the actual ability to perform has no value to either party.
Want real negotiating power, show up with you actual borrowing power. Now the seller KNOWS your serious, and won't want to lose you to his competitior. Trust me I know, I sold three homes today 1.30.05 |
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