Agreement In Principle And Mortgage Offer

Your real estate agent or lender will ask you several questions covering areas such as your income, expenses, the type of work you`ve done, your credit history, and the amount of your deposit. You need the following information: A decision in principle shows that you can theoretically afford to buy a property. This could make you a more attractive buyer and pull you away from other potential buyers. To reach an agreement in principle, you must contact a mortgage lender, either directly or through a mortgage broker. When we surveyed more than 3,000 homeowners in July 2019, 53% of them said they had reached an agreement in principle before applying for their mortgage. About 25 percent said they didn`t know or didn`t remember getting one, and only 25 percent said they didn`t. If the lender or mortgage advisor needs additional information or documents, they should contact you within 24 hours…

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