Getting
PreApproved is one of the first steps in beginning your
search for a new home, and for good reasons!
"1. A pre-approval letter is more reliable than a pre-qualification letter.
2. You'll know how much money you can qualify to borrow.
3. You'll have more leverage in negotiations with the seller.
4. Your real estate agent will work harder on your behalf.
5. A few caveats: Pre-approval letters aren't binding on the lender, are subject to an appraisal of the home
you want to purchase and are time-sensitive."
Read the
details from Marcie Geffner's article Don't
Forget Your Pre-Approval Letter.
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