Most of the people are confused whether a mortgage pre-approval is necessary to make an offer on a house. I would like to make it clear, a pre-approval is not always a compulsory process. But, we should note, basically, a mortgage pre-approval letter is a guarantee from a lender that it's willing to finance your home purchase up to a certain dollar amount. So, here lies the importance of the process.
The situations in which a pre-approval letter is not necessary are:
1. If you are paying the hard cash so that you don't need a loan
2. If you are an ideal home-buyer(You are having a stable job and a fair credit history.)
Certain situations in which you need a pre-approval:
1. You are less than an ideal home buyer
2. You are in a hot market
3. You are not sure how much house you can afford.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.