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Hard Money Lending & Private Mortgage Lending- How it Works

Private Hard Money Lending explained. The first in a series of short videos about hard money investing, borrowing and brokering from Trent ...

How Long Does Mortgage Pre-Approval Last?

How long does  mortgage pre-approval last? If you're hoping to buy a home, it's smart to ponder this question, since even after you receive a lender's stamp of approval for financing, weeks or even months could pass before you actually buy a house. Will that pre-approval you received a while back still be valid by then?

Since lenders realize that buying a house does take time, pre-approval does have a shelf life, but not an indefinite one. While the length of time varies, in general pre-approval is good for about three months. Here's what home buyers need to know about how to make the most of this time frame—and what to do if your pre-approval is at risk of running out before you buy a house.

What is mortgage pre-approval, anyway? The first step to buying a home

If you want to purchase a home, your first step should be to prove that you have the financial means to do so. This is where pre-approval comes in.

Seller financing as viewed by buyers and sellers

The two letters cited in this article were received the same week.

“I am about to buy a home and the seller is offering me a loan at an interest rate .5 percent lower than the bank’s rate. Should I take it?”

An offer of seller financing should put you on your guard.

Most cases of seller financing involve a prospective buyer willing to pay the ask price who does not meet standard qualification requirements. In such cases, the seller is a reluctant lender looking to realize a target price on the house. In the case at hand, however, a qualified borrower exists but the seller wants to make the loan anyway, even at a below-market rate. The question is, why?

The best case is that the seller views the mortgage as a good investment. The worst case is that the seller wants to be the lender in order to conceal one or more problems connected to the property — mold, leaky roof, poor drainage, defective title, the list is endless — that he knows will come to light if an outside lender is involved.