House Loan Approval Tips

Video Transcript

On behalf of Expert Village, this is Dan Kelly with Keller Williams Realty here in Miami Shores, Florida. I'm with the Kelly White Team, and today we're going to tell you how to buy a house. Okay, we got the prequalification letter, we've gone for the loan, now we need to prove that we have got the loan approval. Your contract is going to give you a certain amount of time. It's usually 10-30 days to prove that we have been approved for the loan. The difference between the approval of the loan and the prequalification letter, the prequalification letter says that your credit score says that the bank can loan you this much. The approval letter for the bank says I am so and so bank and I am willing and able to give you xx dollars by the 14 of June. So what that is that's like locking in the loan, saying you're definitely going to have the money there for you change hands. The approval from the bank is very, very important and that comes within the contract. Usually I say nearly 20-30 days. It's all written the body of the contract, but it's really important because many a deal has died without this.

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