Electronic mortgages have the potential to save homebuyers time, money and untold frustration dealing with stacks of bewildering paperwork -- but for now they are the exception, not the norm. Real estate startup Pre Approve Me LLC hopes to relieve some of that stress by offering a mobile application for the very beginning of the loan process: the preapproval letter. Most serious homebuyers need one, both to get an idea of how much they can afford and to boost their credibility with sellers. But there is a problem with preapproval letters that buyers may not realize: Until a buyer decides on a particular home, a lender can give only a ballpark figure of what that buyer can afford because of property-specific variables such as debt-to-income ratio and property taxes. That leads to b...
Feb 25, 2014 by Inman