For example, a buyer made a full price offer on a $160,000 home that was accepted by the seller. The lender had pre-approved the buyer for the loan. However, the lender had not communicated the monthly payment on a $160,000 mortgage to the buyer.
Needless to say, the buyer did not complete the purchase. Understandably, the seller was less than ecstatic about this turn of events.
Before making an offer on a home, always obtain a copy of the Good Faith Estimate that is required to be given to you by your lender within three days after completing a mortgage application.
What did you say? "You don’t have a lender."
If any of these statements are true for your situation, you are not properly prepared to purchase a home. You might want to hire a team of professionals that will properly educate and guide you successfully through the process.
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