letter: That Mortgage Pre-Approval Letter Ain’t Tellin You Nothin! 5 questions to ask the Lender
- 06/23/11 06:28 AM
All realtors know that the "pre-approval" letter is what tells you that a buyer is pre-approved for a mortgage. No two letters look the same, but you can bet they will have the buyers name, sales price, loan to value, owner occupied, etc. Some letters may tell you more or less. A buyer being pre-approved is only half the battle. Here are 5 questions you should ask their lender: 1. What type of Loan?- Is it FHA, VA, Conventional, HomePath, USDA, etc. Some homes won't qualify for certain loans, is the home approved for USDA, is the Condo FHA approved, is (4 comments)