Article: Buying A Home ? Dealing With Lender Letters
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Buying A Home ? Dealing With Lender Letters
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) don?t realize is how much the value of a lender letter varies.
Let?s 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 seller?s property. If you?re working with a broker, he or she will coach you in these matters. If you?re shopping on your own, and especially if you?re looking at FSBOs (for sale by owner properties), you need to know this stuff.
Lender letters come in two general types, pre-qualifica...
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