A Pre-approval letter is written to confirm a property purchase which is a requirement in certain states. It is usually prepared by the loan financier or lender with specific loan amount stated in the letter with an expiry date of the suggested loan. It is a required document by most property agents before performing any purchase transaction.
2562 Deer Ridge Drive
Montclair, NJ 07042
June 10, 2010
To: Henry Bones
Borrower: Ms. Sabrina Drew
Escrow #: TBD
Property: 1901 North West Drive, Ontario, CA
Loan Type: Conventional Financing
The above-mentioned buyer has applied for a home loan and has been approved through Morley Real Estate Services. This approval is subject to a completed Uniform Residential Loan Application as well as a confirmed verification of borrower’s income and credit. This loan approval is based on a sales price of $180,000.00.
The Conditions pertaining to this loan include:
1. A satisfactory appraisal report to support the mentioned sales price
2. A fixed interest rate with a confirmed loan amount
3. Specific escrow instructions
4. Expiry date of Loan: December 2011
Funding conditions and credit documentation are required for a smooth approval process.
Please feel free to contact the undersigned for any clarifications on this pre-approved loan letter.
Thank you for using Central Bank for your real estate financing needs.
CA DRE # 012045950