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Updated over 5 years ago on . Most recent reply

Micah Kohls's profile image
Micah Kohls's profile image
Micah Kohls
  • Member since Nov 20, 2019
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12
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7
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Micah Kohls's profile image
Micah Kohls's profile image
Micah Kohls
  • Member since Nov 20, 2019
Connect
Micah Kohls
7
Votes |
12
Posts
Creative Real Estate Financing

Lending tip: When procuring a loan...never do this

Micah Kohls
Posted

When engaging with a lender of choice never commit to a loan deposit if the loan still needs to be approved by loan committee.

Until loan is accepted by loan committee you are simply no more than just prequalified by a sales person. The term sheet is not binding for the lender. Your deposit commits you to that lender even if the terms change.

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