Buying a Home – Dealing With Lender Letters

Most people who set out to buy a home, be it house, townhouse, condo, apartment, or mansion on a hill, know they need to have a lender letter in hand saying they are qualified for a loan. What most “civilians” (people not in the real estate business) don’t realize is how much the value of a lender letter varies.

Let’s look at some of the general ways a lender letter varies, which sort you want, and how to present it to a seller to put you in the best possible position to buy that seller’s property. If you’re working with a broker, he or she will coach you in these matters. If you’re shopping on your own, and especially if you’re looking at FSBOs (for sale by owner properties), you need to know this stuff.

Lender letters come in two general types, pre-qualification letters and pre-approval letters. The bold print on the page may call it one thing, and when the letter is read, it actually proves to be the other, so pay attention. A pre-qualification letter is weaker than a pre-approval letter.

Pre-Qualification Letter

The weakest pre-qualification letter basically says that “if everything the borrower has told me is correct, he/she is eligible to borrow $XXXXXX.” All you really have here is the buyer’s word paraphrased by a lender. Unfortunately, there is an old adage in real estate that “buyers are liars”. This is well known, so presenting this type of a letter tells a seller you are not in a very strong position with the lender.

A stronger version says “I have looked at an ‘in file’ credit report, and based on that and what the borrower has told me, he/she is eligible to borrow $XXXXXX.” This is still not great, but it is a step in the right direction.

Pre-Approval Letter

The pre-approval letter says “I have checked this person’s credit reports, seen all necessary substantiating materials relative to income…assets…etc., and my firm is committed to making a loan subject only to receiving a copy of a contract to purchase and the property’s appraisal for the contract price or higher.” The letter may not say it, but it is also subject to the underwriting process that includes looking at updated credit information. Regardless, this letter carries a lot of power and sellers will be very happy to see you.

A Word to the Wise

The above discussion of lender letters brings up something you should be keenly aware of as a buyer. Your credit must not change in any substantial way between the time you first apply for a loan and the time you go to settlement on your new home.

If you’re buying waterfront property, do not go out and buy a boat until after you’ve closed on the property. I once saw someone make this mistake and almost lose the property purchase because of it. He had to quickly find a new lender and accept a higher interest rate to keep the deal from going south.

If you’re moving from a small condo to a larger place, there’s the temptation to run right out and buy more furniture for your new quarters. Fine. Just wait until after you’re the proud new owner.

If you are serious about buying a home, a lender letter is a key part of your negotiating ammunition. To save yourself a lot of aggravation during escrow, get a pre-approval letter before you go house hunting.

Vinyl Letters and Its Applications

Vinyl Lettering have created a revolution in the Advertising and Home Decoration industries. In fact Vinyl Letters are so versatile that they can be used for innumerable applications. The following article highlights some of the applications where Vinyl Letters have created a tremendous impact.

Vinyl Letters can be used in any application, where you wish to create an artistic impression. They can be used to make Window Letters, Sign Boards, Truck or Car Number Plates and also for Home Decoration They will totally change the look of your dull walls and give them a new fresh look.

The process of printing Vinyl Letters on any surface can also be done by applying vinyl substrates on to the surface, and then cutting them into desired shapes after they have dried up.

The self adhesive property of the Vinyl Letters makes them very easy to use. They can be stuck to almost to any surface, whether it is a cemented/plastered wall or glass/mirror or ceramic tiles or even wood or metal. The Vinyl Signs can enhance the overall impact of your business signage. Vehicle lettering can be used on cars, trucks, boats, or any recreation vehicles. It is one of the most cost effective method of advertising. The vinyl letters are usually cut using a vinyl plotter. This gives the sign writing a professional and a modern look.

With a blade, you can conveniently use them for carving out the nursery rhymes, which can be a great teaching aid. For this purpose, you can use colorful letters of varying fonts and sizes. The children will simply love the idea of learning while playing. And they will not consider studies to be a burden.

The overall mood and the ambiance of a place can be altered with the judicious use of different fonts and sizes. Most of the multinational companies use a specific color in their logos, which justifies their vision. The nursery classes become more cheerful and exciting by using colorful fonts. All this can be easily incorporated by using Vinyl Letters.

Vinyl Banners can be very cost effective medium for advertising your product. They can educate your potential customers about the products and services you offer. Vinyl lettering is an ideal means of attracting new clientele and promoting sales. The bright and warm colors of the slogans can be immediate eye catchers, and can very effectively convey your message to the general public, thereby increasing the sales.

Vinyl Wall Letters can liven up your dull room. Wall lettering can be the best way to express yourself in your own home, or to give your project a personal touch. Witty messages in beautifully calligraphed colorful Vinyl Letters will completely change the mood of your room. The best part is that they are cost effective too! If after some time you come across a witty message, which you’d like to display in your room, you can easily peel off the old message and re arrange the letters to form a new one. There’s no need to re paint the walls.

Vinyl Letters have also enthused the hobbyists in calligraphy and home decoration. There are many diehards, who purchase vinyl sheets in bulk, and spend hours cutting out letters in different calligraphic styles and then trying them out on their own walls.

The pricing of Vinyl Lettering depends on various factors. Demand and supply is one of the major factors determining its prices. Most of the sign writers charge according to per running meter. Others may offer you package deals depending upon the size and style of the letters to be printed.

Home Uses for Vinyl Lettering

Vinyl lettering is one of the most versatile additions that can be used to decorate your home. Vinyl lettering is a custom made or mass produced product designed to decorate just about any object through words or phrases.

At home, the most popular use for vinyl lettering would be for the wall. This art is called wall lettering. Wall lettering can be situated on any flat surface in your home and it is very easy to install. The lettering can either be bought at a store, custom made by a professional or even printed at your own home using you own computer and printer. The best option is to go for professionals.

Vinyl lettering can be used in any room to add some flair to your humble abode. Here are some examples of how you can decorate each room in your house using these creations.

The Living Room

The living room is a room where the family gets together and the room where guests go when visiting. There are many ways to enhance this room and add more personality to it. One way would be to add some motivational messages on the wall using wall lettering.

By doing this, other than being motivated yourself each time you enter the room, you would be motivating every guest that visits you too. However, if you’re more of a comic, you may decide to put up a few jokes or funny sayings to make sure everyone always has a smile on their face.

The Kitchen/Dining Room

Being a room where the cook of the house may spend multiple hours a day preparing food or where the family gathers to eat, the kitchen and dining room are definitely rooms where adding vinyl lettering would add a little seasoning to your d├ęcor.

Other than adding lettering to the wall, you can also add window lettering. Using vinyl lettering for windows is a very affordable and professional approach to designing your windows as opposed to painting them.

The Bedrooms

Whether it is your bedroom, the kid’s room, or even the nursery, vinyl lettering is an arts and crafts project that can add charisma to your sleeping quarters. By adding inspirational quotes in your bedroom, you will wake up every morning ready to take on the world with a smile.

By adding wall lettering or window lettering to your children’s room, you will never have to tell them to clean up their mess or make their beds because it will be written right in front of them for them to read!

If you ever decide to redecorate your home or if you just want to add some pizzazz, keep wall or window lettering in mind because it is a very affordable and simple art project that will add more heart to your home.