4 ITEMS TO LOOK FOR ON A PRE-APPROVAL LETTER

4 ITEMS TO LOOK FOR ON A PRE-APPROVAL LETTER

Shopping for a home may be exciting and fun, but serious homebuyers need to start the process in a lender’s office, not at an open house.

Most sellers expect buyers to have a pre-approval letter and will be more willing to negotiate with those who prove that they can obtain financing.

Here’s what to look for in a pre-approval letter:

🔸 Loan amount:
This is the maximum you can borrow.

🔸 Status date & expiration date:
How long the pre-approval letter is valid for (most are 90 days from when credit is run)

🔸 Mortgage type:
What type of loan were you approved for? FHA, VA, USDA, Conventional.

🔸Terms and conditions:
The length of the loan and any document and funding requirements.

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​​​​Shenita D. Perritt, Realtor®, SFR® 

Bennett Realty Solutions 

Licensed in DC, MD, & VA 

Residential & Commercial Real Estate Services

Short Sales & Foreclosure Specialist

Office: 301-459-5040 |  Mobile: 202-664-2841​

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Author: Shenita Perritt
Phone: 202-664-2841
Dated: August 26th 2022
Views: 72
About Shenita: Shenita is a licensed commercial and residential real estate professional in the District of Columbi...