Mortgage Pre-approvals

If you’re house hunting and you’ve been pre-approved for a mortgage, you should still make your Offer to Purchase conditional on financing. Technically you’ve only been approved for the mortgage in principle. If the property doesn’t hold up during the appraisal, the lender may decide not to lend to you, or may want to charge a premium interest rate. No matter who says a pre-approved mortgage is a done deal, it simply ain’t so.

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