Mortgage Preapproval Letters Not Worth the Paper

By Pat Curry • Bankrate.com


Start shopping for a house and inevitably someone will suggest you visit a lender and find out how much house you can afford.

That visit generally results in a preapproval letter from the lender. It's an important document because in hot real estate markets, many agents won't even show a house without some indication that the buyer can get financing to close the deal. Click on link for full story.