Your Preapproval Letter – Frank Rexford Mortgage Team

Once we have preapproved you, we will provide you with a preapproval letter for your maximum desired and qualified for purchase price. When you are ready to submit an offer on a specific property, let us know and we can send a new letter for that address.

CIMG Residential Mortgage has been closing mortgages in North Carolina for 25 years, and I began originating mortgages in 2005. We have tremendous control over the underwriting and closing process, and we are known as a lender who closes loans on time. Our combined excellent reputations will help your offer stand out as being high quality, and so can help you win a deal. It would therefore be dishonest and misleading to the sellers to use our preapproval letter and then get your mortgage from another lender.

Frequently Asked Questions

What does a preapproval letter look like?
Here is an example of a typical preapproval letter – I have highlighted in purple text a section we add when possible to help strengthen your offer in this seller’s market:

October 4, 2022

Borrower Name
101 Street Address
Chapel Hill, NC 27514

Re: Loan Pre-Approval

Congratulations! I am pleased to inform you that you have been pre-approved for residential mortgage financing that will enable you to purchase:

A home with a purchase price up to $700,000

This pre-approval is based upon the information you provided in your complete loan application, a review of your current credit report, a 20% down payment, and the results from our Automated Underwriting System.

This preapproval is NOT contingent on the sale of any real estate. In addition, you have provided asset statements showing that you have available funds to make up an appraisal shortfall, should one occur. There are also options to restructure your loan in the event of a low appraisal.

This pre-approval is subject to a fully executed sales contract and an acceptable appraisal report, to be ordered by Corporate Investors Mortgage Group and completed by a licensed local appraiser once a contract offer has been accepted.

The type of loan selected is 30 Year fixed rate. The term of the loan is 360 months, and the interest rate pre-qualified for (not locked) is 6.375% with an estimated APR of 6.425%. Rates and points are subject to change at any time without prior notice before a rate lock is executed.

We reserve the right to revoke this pre-approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained in your application is untrue, incomplete or incorrect. Should you have any questions about this pre-approval, please do not hesitate to contact me at 919-919-6116 or frexford@cimginc.com.

Sincerely,

Frank Rexford
Senior Mortgage Banker
NMLS ID #119234

cc: file

Important Reminders About The Mortgage Process

Don’t apply for any new credit until after we have closed your loan, and don’t make any unusual charges on your existing credit. Your loan is being underwritten per your current financial status.
Photographs of documents are NOT acceptable. Originals, scans and faxes are acceptable.
Bank statements must contain your name, your account number, and 30 days of complete activity. We need ALL NUMBERED PAGES of banks statements. Even if any numbered pages are blank.
Please provide your closing attorney information asap so that we can order your title work.
Please provide your homeowner’s insurance agent’s contact info asap so that we can request your insurance documentation and submit it for approval.
Once you have signed your loan application, we will send you a request to pay for your appraisal fee with a credit card.
Please directly contact your closing attorney to obtain wiring instructions for your closing funds – you MUST do this yourself for your own security. No one on my team and no one from Corporate Investors Mortgage Group, Inc. will ever send you wire instructions. If you receive an email from anyone at Corporate Investors Mortgage Group, Inc. providing you with wire instructions, do NOT wire your funds with those instructions and notify me immediately.