I had always wanted to own the little hotel that was down the street from the theatre in town. It had finally gone up for sale and I was trying to get pre approved for a commercial mortgage so I could buy it.

I had checked out the mortgage rates prior to contacting the mortgage advisor, so I would know that they were trying to get me the best deal. I answered all the necessary questions and turned over all of the necessary paperwork to get the ball rolling on the pre approval.

I contacted the real estate agent that was in charge of the sale for the hotel to let her know that I was in the process of securing the commercial mortgage to make it possible to buy the hotel. She told me that four other people had contacted her and they were doing the same thing. It would be whoever lined up their financing first who would get the hotel.

I called and told my mortgage advisor of the situation and asked that he hurry the paperwork through very quickly, so I would not lose the hotel. He informed me that he had secured one of the best mortgage rates he had ever seen for a commercial loan and I could go ahead and offer the full price for the hotel and they would give me the money.