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Mortgage Loans
Financing options can be
overwhelming. There's simply no way to know about all the
available options, much less decide which one is best for you
long-term. You can choose any lender, but if you want to ensure
a worry-free closing, I have access to a team of first-class
mortgage experts who always ensure that my customers not only
understand what mortgage options are available, but more
importantly, receive the best possible rates and terms.
Pre-Qualify vs Pre-Approval
A pre-qualification is normally issued by a
loan officer, who, after interviewing you via phone or quick
review of an online application, determines the dollar value of
a loan you might be approved for. However, loan officers do not
make the final approval, so a pre-qualification is not a
commitment to lend. After the loan officer determines that you
pre-qualify, they will issue you a pre-qualification letter.
Several years ago, a pre-qualification letter was all you needed
to provide along with a purchase offer. However, things are so
much more competitive these days and a simple pre-qual letter
falls a bit short, so I strongly encourage you to take it a step
further and get a pre-approval instead.
Pre-approval is a step above
pre-qualification. Pre-approval involves verifying your
credit, down payment, bank statements, employment history, etc.
Your loan application is submitted to an underwriter and a
decision is made regarding your loan application. If your loan
is pre-approved, you are then issued a pre-approval letter (aka
Lender Letter). Getting a loan pre-approved puts you in a much
stronger position to submit an offer because the listing agent
and seller can take comfort in knowing you are a solid buyer
with the ability to close quickly once your offer is accepted.
How Can I get "Pre-Qualified" or
"Pre-Approved" for a Home Loan?
Getting pre-approved for a home loan is an essential part of the home
buying process. It helps prevent you from looking at and falling in love
with properties that you simply can't afford. In a very competitive
market like ours where properties go under contract in a matter of days,
you risk not being able to write an offer on a property because no
listing agent or seller will take you seriously. Don't get left
out...simply reach out to either one of my exceptional local mortgage
lenders to start the process today!
What's the difference between pre-qualifying and
pre-approval?
Pre-qualification means that the mortgage lender has reviewed
the financial information you have provided and believes you will
qualify for a loan. Pre-approval is the second step in the loan process,
which is a conditional commitment to loan you the money for a mortgage.
Why is a pre-approval letter better than a
pre-qualification letter?
As stated above, a pre-qualification letter means that the
mortgage lender believes you will qualify for a loan based on the
preliminary information you have provided them on the application
whereas a pre-approval is a conditional commitment to loan you the money
for a mortgage. Therefore, if you want to be taken seriously as a buyer,
the pre-approval will carry the most weight.
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