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
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 email@example.com.
Senior Mortgage Banker
NMLS ID #119234