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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?1 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?2
  • Completion of our DigitalMoveTM 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

     
1 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.
2 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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