Profile picture for edmay

home buying

Two questions:
1) What does the buyer need when submitting an offer? Is it true that along with the offer letter a bank statement showing avialabity of the money for the down payment is need too?
After getting a pre aproval letter for a home loan, and within the next 30 days, can you go to other lenders (shopping for the best rate) and as they run your credit do you lose point each time, therefore your score decreases?

Thank you,

I Romero
  • February 15 2010 - Mentone
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Answers (3)

Best Answer

Usually, you don't need to submit evidence of funds with your offer.  Most listing agents want a letter from the lender regarding your pre-qualification.

Multiple credit requests that occur within a 30 day period are only counted as one inquiry, and will not affect your credit.

Good Luck.
  • February 15 2010
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Profile picture for falsedawn
You don't need anything at all to actually make an offer. It's after the offer is accepted that it is customary to make a deposit.
Pre-approval/qualification may make your offer more attractive to the seller if similar offers don't, but again, they are not required. That's what finance contingencies are for.
  • February 15 2010
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Profile picture for Sin Yi Lambertson
1.  You'll need to submit a deposit check, which is usually held uncashed by your agent. Bank statement makes you roffer stronger but it's not necessary.

2. Your credit score is not as much affected as it was before.  But you'll need to give letter of explanation to the lender why your credit is run so much.
  • February 15 2010
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