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| Mortgage Pre-Approval Gives You a Leg Up |
Submitted by:
charles21 04/30/2008 5:34 PM
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Get pre-approved for a mortgage. This is a fairly easy thing to do and shouldn’t cost you any money (if it does, try someplace else). Once you are pre-approved, you will receive a letter stating so. By having this letter and having gone through the pre-approval process, you could potentially have the upper hand when bidding against others for a home. If you offer the same price as someone else bidding and you are pre-approved and they are not, there’s a good chance you’ll win out as sellers often prefer to go with the person they know will be able to get a loan and buy the house. And you may even find that if you bid below someone else, you’ll win out if you’re pre-approved and the other person is not. So getting pre-approved could not only help you get the home you want in a competitive environment, but it could also save you money.
Comment:
The tip to get pre-approved is a great idea, but remember that pre-approvals don’t last forever (I think they last 2-3 months) so keep that in mind if you end up looking for awhile.
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