For those who ask about how a Pre Qualification letter looks like, here I am showing a sample for an international buyer who wants to buy a condominium in Miami. Every client has its own qualification, this is just a sample an means that rates and conditions could change for your particular case.
If you have any question contact Rafael Jarauta, Professional Realtor.
Dear Mr. XXXXX:
Based on our updated analysis of the credit, current employment and annual income you have provided to us, you have been pre-qualified for the following:
• Loan Program: 30-yr. TB Non-Resident 5/1 ARM
• Purchase Price: Max $355,000
• Loan amount: Max $230,750
• Down payment: 35% of cash reserves
• Term: 360 months
• Qualifying Rate: 4.25% 1
Based on the current rate of 4.25% and your loan amount of $230,750, your estimated monthly payment would be $2,364.00. This includes principal and interest in the amount of $1,136.00 and an estimated monthly tax ($5,011 annual), property insurance ($1,200 annual) and monthly association ($710.00) of $1,228.75.
Thank you for choosing our financial company for your financing needs. I am available to answer any questions you may have. Good luck in your pursuit of home ownership.