Virginia Beach Real Estate Home Purchase Preapproval Letter
Posted by Dennis Blackmore in Main category, mortgage, tags: mortgage, Real Estate, Virginia BeachOne of the early things a potential Virginia Beach real estate home buyer must do is obtain a pre-approval letter for a reputatable mortgage company.
What is a real estate pre-approval letter?
Pre-Approval is when the underwriter has reviewed all credit, assets and liabilities and made a credit decision on the file prior to having found real estate or property in Virginia Beach, Chesapeake, Norfolk, Suffolk, or Hampton Roads.
When you apply for a loan you should insist a good faith estimate from the lender or broker. This is an estimate, however, you can hold the lender to the fees and compare fees to other banks. Most parties become fixed on the rate and never pay attention to how much they are being charged to get that rate. Realize this could mean thousands of dollars over the course of many years for your home.
See how your REALTOR® provides value and represents your interests only whether new construction or resale.
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