A preapproval letter is a formal letter from a lender given to you on their letterhead simply stating that you have been prequalified for a home loan and have the ability to receive a loan from a lender.
It can state many different things from your preapproved loan amount, the type of home you can buy (manufactured, SFR, etc) to any specific information a seller may want to see.
Sellers and Realtors want to see a preapproval letter before taking you seriously when writing an offer to buy a home, especially in the Medford, Ashland, Jacksonville and Rogue Valley areas of Oregon.
When looking for a prequalification or a preapproval letter you need to choose a great lender to go to first. A few things to keep in mind and take in to consideration would be:
1) How reliable is the loan officer you are working with? If they say your loan can be done, can it be done?
2) How quickly can they close the loan? Some lenders are closing loans in 10-30 days for example, and others may take up to 60-120 days!
3) What is their work ethic like? Are they reachable? Do they answer the phone when you call and communicate through the whole transaction?
If you want THE BEST LENDER IN MEDFORD, OR then I suggest you call:
David DuBeau - Loan Officer
Sterling Savings Bank
541.292.9663
541.608.2161
Remember, the first step in buying a home is to get prequalified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even up to 100% financing)
Once you are prequalified, call me - THE BEST REALTOR in the ROGUE VALLEY and "Lets Go Shopping"!
Cheryl Malone - Real Estate Broker
Windermere Investors Marketplace
541-951-1960
www. CherylMalone.com
OTHER RELATED REAL ESTATE ARTICLES:
Comments(1)