What is the difference between pre-qualifying and pre-approval?
A pre-qualification is normally issued by a loan officer, who, after
interviewing you, determines the dollar value of a loan you can 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, he/she then issues you a
pre-qualification letter. This pre-qualification letter is used when you
are making an offer on a property. The pre-qualification letter indicates
to the seller that you are qualified to purchase the house you are making
an offer on.
Pre-approval is a step above pre-qualification. Pre-approval involves
verifying your credit, down payment, 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 certificate. Getting your loan pre-approved
allows you to close very quickly when you do find a house. A pre-approval
can help you negotiate a better price with the seller, since being
pre-approved is very close to having cash in the bank to pay for the
house!
If you have any questions, call me at 303.520.3179.
FINANCING OPTIONS
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PREFERRED MORTGAGE LENDERS - MORTGAGE CONSULTANTS
Need to pre-qualify for a loan?
Call me at 303.520.3179
or one of my preferred mortgage loan brokers who can help you get
pre-qualified for a loan.
There is absolutely no charge or obligation and the entire
process will take less than 10 minutes of your time.
Ashley Hickmon,
Crestline Mortgage - 303-669-8454
Leverage my life-long
knowledge of the Denver Metro area - from homes, condos, lofts or
investment properties, new homes builders, schools & local amenities to
reliable & trustworthy business partners like mortgage brokers & home
contractors to
maximize
your investment, secure your future and realize the home of your dreams.
For honest,
professional real
estate advice when buying or
selling a home, condo, townhome, or investment properties in Denver Colorado or other Denver area
communities, contact
Anthony Rael, Metro Brokers Arvada-Northwest Realtor at 303-520-3179.
I offer
buyers & sellers
a 100% Performance Guarantee
that will exceed your
expectations and set a new standard of service excellence.
