Pre-Qualification or Pre-Approval?

The difference between the two choices is crucial to understand because it impacts the validity of your offer to the seller.

Pre-Qualification

When you get Pre-Qualified for a mortgage, we discuss you financial status, i.e. your debt, income, and assets. We talk about your credit history, discuss your goals for a down payment and different loan programs that work for you.  At this point, I can issue a "Pre-Qualification Letter" indicating the amount you can borrow for a home, and the sales price is based on our discussion. If you stop here and go find a house, know that a Pre-Qualification letter is a general estimate of what you are eligible to borrow and not backed by written verification of our discussion.

Pre-Approval

When you chose Pre-Approval, we document your and submit the file for automated approval.  If it is necessary to go further, the file can be submitted to an underwriter.  You complete a mortgage application and provide me with written documentation verifying your employment, assets and financial status.  This includes pulling a Tri-Merge credit report, W-2s, pay stubs and bank statements, and tax returns.   With a Pre-Approval, I review the mortgage paperwork and send the file thru the automated underwriting system for assessment.  Once the application process is complete, you get a "Pre-Approval Letter" indicating the amount your lender is willing to lend you for your home.

While the Pre-Approval is not binding since it is subject to an appraisal of the home, title work, job changes, etc., it does speed up the closing time, potentially going from 30-45 days down to 15 - 20 days.  That can be quite a negotiating tool with sellers!

Before you get on the road to find your new home, let's talk. We can figure out how much home you can afford and what steps you need to take upfront, so the entire home-buying process is simpler and faster. This preparation with your mortgage, puts you in an excellent position as a buyer.  Ready to start? Click on the APPLY NOW button in the center of the home page or complete the information below.

Basic Pre-Approval

Get the Best Mortgage Rate! Tell us a little about your current needs and we can use that information to match you with just the right loan.

Tell us about your loan needs.
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Tell us about your credit history.