THE RED FLAGS ON YOUR PREAPPOVAL LETTER
Not all preapproval letters are created equal, & there are red flags that experienced agents know to look for. When one of my listings receives multiple offers, I scour each buyer's preapproval letter to ensure that they are on secure financial footing. You can click HERE for a quick video showing you some things I noticed on a recent letter. The checklist below are things that a seller would want to see when considering your offer:
LETTER SHOULD INCLUDE:
- The amount buyer is preapproved for
- Buyer's loan type
- Buyer's interest rate
- Buyer's down payment
- Reputable lender
- Lender's in-state location
- Lender's cell phone (in addition to office phone)
RED FLAGS:
- Generic information (no specific loan details)
- Out-of-state lender location
- Online/virtual lender
- "Broker" instead of "Lender"
My team & I are always happy to give you some direction & recommend lenders that have proven reputations. If there's anything you need, we're always here & happy to help!
Katina Hunter
Team Lead
The Katina Hunter Team with Coldwell Banker
Katina.Hunter@PittsburghMoves.com
724-888-9020