Quote:
Originally Posted by rb
Trying to understand things... Assuming that not all of these crazy deals are all-cash, doesn't the bank still have the final say of whether to approve of the mortgage or not for the final sale price? It may not be an inspection subject or a subject to financing but I've seen instances where the bank has to assess or inspect the place before releasing the funds.
|
yes but if you go for a pre-approval you can get a "rough" amount on what you can get..the final say will depend on whether or not they think the house is worth the amount youre taking out in mortgage and also along with your qualifications but generally you should be okay in a rising market unless you're grossssly overpaying and/or youre leveraged up the ying yang
common misconception ppl have is the preapproval though...it doesnt mean that you're guaranteed that amount