Pre Approval Letter Higher Than Offer
Realtor already has 600k letter. In reality a pre-approval is almost as detailed as the full loan approval and you learn the maximum monthly mortgage payment known as the PITI you qualify for given your income and debts. Mortgage Loan Estimate Vs Closing Disclosure What S The Difference Mybanktracker Just know that your mortgage lender will probably stick to the amount they pre-approved you for in the first place or close to it. Pre approval letter higher than offer . The more common issue with letters has to do with definitions. You can definitely offer more than the pre-approval if you feel that the sellers asking price is justified. It is not a guarantee to lend but it carries significant weight especially to other parties in a real estate transaction such as agents and sellers. 3 If the preapproval letter lets the seller know that you can pay more than the offer price the seller will realize you could pay more and may try to negotiate a higher price. Now she can choose