Look for These Preapproval Red Flags

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Real Estate

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