Sample Pre-Approval Letter

Every preapproval letter has the same basic information.  Use this letter as one of your tools when making an offer.  It can greatly increase your opportunity in the negotiating the best deal for a buyer.

Date

Borrower Name    

Co-Borrower Name

Address    

City

State 

Zip Code

RE:    Type of Loan

Loan Term 

Loan Amount $

Sales Price $.

Max LTV% 

Other Loan Characteristics: 

Dear Buyer

I would like to thank you for the opportunity to assist you with your mortgage loan.  This letter is to confirm that you have provided Mortgage Broker of your choice with information about your income, available cash for a down payment, and payment of closing costs/pre-paids, debts, and other assets.  Mortgage Broker has reviewed your credit report and credit score.  Mortgage Broker submitted your application through an automated underwriting system.  In addition, Mortgage Broker of your choice Mortgage Broker of your choice has reviewed documentation in support of the information provided on your application.

Based on the information provided and reviewed by Mortgage Broker, as described above, Mortgage Broker has determined that you are eligible and qualified to meet the financial requirements of the above described loan.

This is a Pre-Approval Only.  This does not constitute a Final Loan Approval.  Final Loan Approval of the loan requires: (1) Mortgage Broker to verify the information you provided: (2) your financial status and credit report to remain substantially the same until the loan closes; (3) the collateral for the loan to satisfy the lender’s requirements, including appraisal, title, survey, condition, and insurance; (4) the described loan to remain available in the market; (5) your execution of loan documents as the lender requires; and (6) the following additional items:

(a)

(b)

(c) 

This letter is an approved format by the State Mortgage Lenders Association and has also been endorsed by the State Real Estate Association, and the Residential Mortgage Lending Advisory Board.  The Members of the State Mortgage Lenders Association using this letter strictly adhere to the code of ethics of LMLA which can be viewed at state mortgage licensed website.

Sincerely,

________________

Mortgage Broker, LPC

Cell; e-mail: 

State License # RML _______________    

Approved State Licensing Board Format