Getting Pre Qualified or Pre Approved :
Pre qualified vs pre approval
Pre qualified is where the loan officer will get a small amount of information from you which will usually be your incomes, monthly expenses, and type of loan program you’re interested in and what term you’re looking to finance. And with that they can tell you an approximate amount that you should qualify for.
Pre approval is where the loan officer will complete a full loan application, obtain and review a copy of your Credit Bureau, review your income statements and or tax returns, information about the property that you’re interested in, what your goal is on the property, suggest what would meet your goals and give you a pre approved letter that you can present to the seller with your offer.
Presenting a pre approval letter with your offer to the seller has become very important in today’s market.
It can make the difference in a seller accepting your offer even if it’s for the same amount or even less then another offer they get without a pre approval Letter!
Some sellers will not even look at an offer without a pre approval letter accompanying it. The letter lets the seller know that your serious and that you have started the loan process and can usually close quicker than someone one without one, and with less surprises! It allows the seller to feel more comfortable and more confident in their decision to sell you the property.
Please call us at 210-656-1134 for a Complimentary home loan consultation.
Equal Housing Lender 