Free Home Buying Program - Through a collaborative partnership with other non-profits and private and public entities, we are able to assist credit-challenged families secure mortgage financing through a combination of sources including governmental sources, banks, and private lenders.
Call me: 248-943-5803
Jamie L. Rodgers
The "Mr. Rodgers" Team
"The Bros Who Are Real Estate Pros" http://www.myrealestatebrothers.com
Best of Luck,
Century 21 Tenace
A pre-approval letter is not an indication of the lenders committment to the buyer. The lender's committment is not established until the mortgage company issues its "final approval." This is usually done in the final days of the transaction.
A lot of problems come when buyers are not made aware that they must watch every financial move they make once the mortgage process is underway. EVERY bill should be paid on time, major purchases should not be undertaken if at all possible, and all deposits and withdrawals should be able to be sourced (namely document where the money came from). If you can hold off buying that new car until after closing - then hold off !! :o)
Always consult with your mortgage professional if you have a question of any kind regarding a financial transaction during the mortgage stage.
Also in many states, the seller is required to get a Certificate of Occupancy before they can sell the house. This is issued by the town, who will send a building or fire inspector with a checklist of items to approve (smoke detectors and carbon monoxide detectors in place etc, walkways and sidewalks in good condition) and if there or items that are not approved, then the certificate will not be issued. There are some cases where they will issue a temporary certificate but will require the repairs be completed within a certain amount of time after closing.
My suggestions is keep constant communication with your Realtor, Mortgage contact, and attorney if you use one - this way the professionals should keep you on track, and avoid as many pitfalls as possible.
Good Luck !