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Homebuying, Selling & Relocating
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Relocation and the Value of a Pre-Approval Letter
Corporate relocation benefits may include a paid visit or visits to find a home in your new location. You can make this visit a success by understanding what you can afford with a pre-approval letter. This allows you to narrow-in on your home faster while avoiding disappointment and embarrassment.
What is a mortgage pre-approval letter?
And where can I get one?
A pre-approval letter is provided by your mortgage lender stating the amount they are willing to lend you.
Premia Relocation Mortgage provides a pre-approval letter and can customize for an offer you are extending to a seller.
What are the benefits to receiving a pre-approval?
You’ll be able to focus your efforts on homes with prices that don’t exceed the amount you’ve been pre-approved for.
You can plan ahead for other monthly expenses based on anticipated mortgage payments.
You’ll have greater negotiating power when bidding on properties. Sellers know they can count on a faster – and more solid – sale with pre-approved buyers.
The path to closing is typically faster. Since you’ve already completed nearly all of the paperwork, you’re on the fast-track to closing.
What’s the difference between pre-qualification and pre-approval?
Pre-qualification is a verbal, tentative estimate of how much you’d be able to borrow.
It doesn’t have as much “teeth” as a pre-approval does since no documentation has been collected.
Pre-approval is the first step toward your full mortgage application.
It requires income, assets and employment to be verified.
What do I need to provide when applying for a pre-approval?
Completion of our
application – we make it easy by electronically pulling your income, assets and employment.
Proof other income necessary to qualify such as rental income, child support and social security payments
TBD Pre-Approval is for qualifying buyers whose property has yet To Be Determined. Final approval is subject to appraisal, contract and other related documentation.
Qualifying documents include, but are not limited to documentation that substantiates the borrowers’ income and debt obligations, assets, self-employment and any other documentation that Premia Relocation Mortgage requires. Final approval is subject to appraisal, contract and other related documentation. The above-listed items are typical, but may not represent all documentation needed. These are required for all borrowers and co-borrowers.
- Jun 04, 2019
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