My question is when you apply for a mortgage with a bank (lender etc) and they approve you for a set amount and you get that pre approval letter to my understanding it has the loan amount that you are approved for? Let's say you are approved for $500k and you start looking at homes find one you like and want to make a offer you have your letter in hand but it's a sellers market and it receives multiple offers above asking and let's say it finally reaches $525,000 soo 25k above asking? Well the bank only approved you for 500k you can't go back and say hey can you approve me for an additional 25k in that case would the buyer interested and who wants to submit an offer just have to come up with the difference in a down payment? Have cash reserves from savings account etc? How would they go about doing this? What are some Strategies?
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