Most people who set out to buy a home, be it house, townhouse, condo, apartment, or mansion on a hill, know they need to have a lender letter in hand saying they are qualified for a loan. What most civilians (people not in the real estate business) dont realize is how much the value of a lender letter varies.
Lets look at some of the general ways a lender letter varies, which sort you want, and how to present it to a seller to put you in the best possible position to buy that sellers property. If youre working with a broker, he or she will coach you in these matters. If youre shopping on your own, and especially if youre looking at FSBOs (for sale by owner properties), you need to know this stuff.
Lender letters come in two general types, pre-qualification letters and pre-approval letters. The bold print on the page may call it one thing, and when the letter is read, it actually proves to be the other, so pay attention. A pre-qualification letter is weaker than a pre-approval letter.
Pre-Qualification Letter
The weakest pre-qualification letter basically says that if everything the borrower has told me is correct, he/she is eligible to borrow...
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