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Hi mtcunnin,

if i get pre-approved, do i approach a mortgage broker with a specific sale price or does the broker approve me up to a certain price? also, how long does the approval last?

The answer is; YES!

Seriously... what you do is powwow with your broker to figure what makes the most sense for you. You'll end up with a range of possibilities, and the different ways they may look. You use your pre-approval letter as a negotiating tool with the realtors & sellers.

A preapproval is basically good as long as the underlying details remain the same. That means your details AND the lender's details... as different loan programs change from time to time.

Dave Donhoff
Mortgage Fool
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