Mortgage Pre Approval Letter
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BEST MORTGAGE COMPANY Conditional Approval Letter Date: August 26, 2008 Loan : 18023Q03 Applicant(s): John Walker/Ginger Walker Property Address: 1 Main Street Danvers, MA 01923 We are pleased to inform you that Best Mortgage Company has approved your real estate loan application on the terms set forth below, subject to the conditions set forth in the Conditions Addendum attached to this Loan Approval (the "Initial Conditions"), and further subject to any other conditions Best Mortgage Company may establish upon receipt and review of documentation in satisfaction of the Initial Conditions (the "Subsequent Conditions").. HAZARD INSURANCE Applicant is to furnish at least 24 hours prior to the date on which your loan is closed, a fire and extended coverage policy, or a binder if required by law, in an amount equivalent to the lesser of 100 percent of the insurable value of the improvements as established by the property insurer, or the unpaid principal balance of the mortgage, as long as it equals the minimum amount (80 percent of the Insurable value of the improvements) required to compensate for damage or loss on a replacement cost basis If it does not then coverage that provides the minimum required amount must be obtained..
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