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What is a Pre-approval?

The pre-qualification goes a step beyond that to actually approve you from a credit perspective. My way of looking at the difference is you get pre-qualified to see what you want to do, and you get pre-approved to be in a position to actually do it.

By | 2014-08-28T00:29:54+00:00 June 15th, 2010|Loan Talk|0 Comments

What does getting “Prequalified” mean?

There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!

By | 2010-05-27T12:33:49+00:00 May 27th, 2010|Loan Talk|0 Comments