Hedge funder Scott Bommer, of SAB Capital, is in contract to sell three Lily Pond Lane properties in the Hamptons for $110 million in an off-market deal, The Post has learned.
A pre approval is based on the documentation the borrower supplies at the time of application, and any actual eligibility to receive the pre approved loan depends on the terms and conditions of the pre approval and ability to secure the loan before the pre approval expires.
Mortgage pre-approval involves the same steps as a mortgage application - you'll provide detailed information about your income and assets that will be reviewed by the lender's underwriters. If approved, you'll get a commitment by the lender for a specific loan amount. (When you apply for a mortgage, you're applying for credit to purchase a specific property as well.) Pre-approval shows you have the resources to make the purchase and it helps you act quickly when you find the perfect home.