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Phone: (772) 463-7737


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Real Estate Pre-Approval Letter

REAL ESTATE PRE-APPROVAL LETTER

An often over looked step when considering purchasing a home is obtaining a pre-approval letter prior to commencing your search.  This is not a legal issue per se.  However, it is a very important aspect of overall financial management.  When you are buying a home, it is important to know how much you can afford to spend.  Before you even begin looking, you will need to know whether or not you will be able to get a loan.  With the recent changes in legislation, it has become more difficult to obtain a mortgage.  It is also important to know how much you will need to put down; what your interest rate and estimated mortgage payment will be; how much you can anticipate your property taxes will run; an approximate estimate of your property insurance costs; and to evaluate the closing costs.  The mortgage pre-approval letter is the first step in this process.

When deciding on who to use as your lender, use a reputable lender.  You may also want to go to a reputable mortage broker.  The difference between a Bank and a mortgage broker is a bank offers its products only.  A broker may work with several lenders.  It is important to feel comfortable and confident in your lender.  If you are facing a purchase which is subject to strict time constraints, talk to not only the lender or broker making the promises meeting the time constraints, but look for reviews on the web and talk to your real estate sales agent to confirm the reputation of the lender or mortgage broker.  The last thing you want to have happen is to have a moving truck full of furniture and no place to put it

Below is a short video explaining the importance of obtaining a pre-approval letter prior to looking for a home.  If you have any issues with purchasing a home or commercial property and need legal assistance, please give my office a call.  I appreciate you taking the time to come to my website and watch the videos.  Thank you and have a great day.

Summary
Title
Pre-Approval Letter
Description

Discusses the importance of obtaining a pre-approval letter before beginning you search for a home. It is important to know how much you can afford.

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