ChatterBank21 mins ago
Mortgage offer in principal
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What does this mean? I have applied for mortgage and have recived an offer in pricincipal.
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For more on marking an answer as the "Best Answer", please visit our FAQ.Yes, they need to be sure that the mortgage will be recoverable if the you default on payments. The point of a mortgage is that it is a loan secured on an asset (usually a property). The asset needs to be worth equal or move than the mortgage amount to ensure the lend get get their money back.
an offer in principal can also mean the offer is subect to the supplied information being verified.
an offer in principal can also mean the offer is subect to the supplied information being verified.