Pre-qualification Letter
A pre-qualification letter is one of the easiest documents to obtain from a lender. The prospective buyer will set an appointment with a bank. At the appointment, the loan officer will ask simple questions about income, debt and savings. The answers to these questions will render a quote, of sorts, as to how much the buyer can afford to spend. There will be no verification of income or credit worthiness checked during this appointment. The pre-qualification letter in no way binds the bank to a loan for a home sale. On the contrary, there are actually clauses within the letter than relieve the bank from any legal obligations. It is better to have a Pre-Approval letter. I will discuss this type of letter in my next blog.
From Scott Larson of Towne Square Realty in Monroe, Wisconsin
“Your Realtor of the Region”
E- Mail scott@greencountyhomeguide.com
On the web at www.greencountyhomeguide.com
I think you will be surprised how affordable the Dairyland is,
so come to my land of cows and plows and visit for a day, but stay for a lifetime
608-2124-9844 Direct
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