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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Pre-approval question...
We got pre-approved! 
If you are pre-approved for a certain amount, can you buy something that is more $$? Or do you have to put $$ down to get to the amount that your pre-approval is for?
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Posted 2/4/07 11:47 AM  |
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Prudential Douglas Elliman Real Estate
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Pre-approval question...
Your broker/banker should have told you what the high amt is that ou can afford/look at.
For instance, we could look up till 4$00K, but couldn't afford that figure, but most seller's are willing to come down $10-20K off their price.
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| Posted 2/4/07 12:58 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: Pre-approval question...
Our pre-approval was the amount of the mortgage. So, if you were approved for a $400K mortgage on a 20% down property, then your purchase price could be up to $500K.
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| Posted 2/4/07 2:27 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: Pre-approval question...
Be careful with this. We were pre approved for 400,000 based on an 80-10-10 loan. The way the bank wrote it on the front sheet looked like we were only preapproved for 320,000. The sellers got a little nervous when they saw that and then the bank had to go back and rewrite it!
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| Posted 2/4/07 6:33 PM |
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