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Pre-Approval Letter:
Do you need a pre-approval letter?? Well if you are serious, of course you
do. It is so easy to get a pre-approval letter, why wouldn't you take a moment to get one.
If you haven't checked your credit score or seen your credit report lately,
getting a pre approval at the same time is a good way to get all of this done. For a free update you can try http://www.FreeCreditReport.com.
You can also set up an account with any of the three major credit reporting
companies for a fee if you want to have your credit account monitored for identity theft, or lost or stolen card use.
But the short answer is
when you make an offer on a property, the seller is going to require that a Pre-approval be attached. You might as well anticipate this.
Now lets talk about Pre-approvals themselves.
You can easily go on to a host of web sites and apply for a quickie pre-approval
letter format and often without a managers name and/or signature. Do you really think that listing brokers can't tell a quickie pre-approval letter from a bona fide one.
Real pre-approvals means the lender has requested and pulled your "soft
copy" credit report , reviewed it,
sent it into underwriting using an online submission. This process yields you a multipage pre-approval complete with conditions. Normally takes 24 hours with a 15 minute phone session.
Quickie pre-approvals
of today are similar to what we used to call a pre-qualification. These are generated with a tremendous amount of reliance placed on your FICO score.
Make sure to get the pre-approval shipped to you either by readable, printable email or fax. Often you will need to physically attach it to an offer.
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