Chicago Real Estate Attorney
Thomas Polinski

Dont Be Fooled

Don't Be Fooled By Personal Letters

When buying a home, it is best to have a credit commitment letter before you shop for a home. In doing so, you will know exactly how much you can afford to pay for your purchase and you know the deal will go through, provided the home appraises for the amount of the sales price and passes all inspections.

Do not rely on "prequalification letters" which are merely a judgment call of the loan officer, with no application documentation or credit report and do not rely on "preapproval letters" which are merely prequalification with a credit report added.

Many people who have received preapproval letters still have their mortgage application "DENIED." ("Pre" as in preapproval means "before approval" and thus NOT APPROVED YET!)

Remember, you are not approved unless you have a credit commitment letter with no conditions.

by Thomas Polinski

Call Thomas J. Polinski & Associates, Ltd. at 866-435-5828 for all of your real estate needs. Our attorneys are seasoned professionals experienced in all areas of real estate.

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Thomas Polinski
Thomas J. Polinski & Associates
5844 W. Irving Park Rd.
Chicago, IL 60634
Phone: 866-435-5828
Fax: 773-282-9806

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