pre-qualified vs pre-approved letter -which is best?

Sometimes called pre-qualified vs pre-approved letter

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"The sellers say that they want a prequalification letter before they'll take their home off the market", "My Realtor is asking for and says I need a pre-qualified letter before I make an offer", "I'm a new first time buyer and I don't really know what I qualify for" “ I know I want to buy a home, but what can I really afford?” These are some of the different types of calls mortgage lenders receive daily, and the reason for the growing popularity of the "pre qualified" and/or "pre approved".

This seems to be becoming more of a standard request from sellers and their listing agents.

Due to market demand, along comes the "Pre-approval Letter". In this process, the potential borrower goes through the entire process of verifying income, assets, and debts. A credit report is obtained and a complete application is filled out. This is a quasi commitment that is an approval usually subject to an appraisal, and any other underwriting conditions.. The "Prequalification" states clearly it is not a commitment and is based solely on information provided by the applicant. In most cases, the "Pre-qualification" is usually free and can be faxed within an hour or two to prospective buyers, the "Pre-approval" usually carries a fee of $250 to $350 and can take several days to actually generate.

As a direct lender - our FREE Pre Qual  guarantees that our pre-qualied letter is similar toa  pre approval since we are a bank, which will always meet your needs.

 This basic, FREE pre qual when asked for, is made to meet your immediate needs.

Pre-qualified or pre-approved  info ABOUT THIS OFFER:

An additional major benefit is, we have vast resources to direct you to grants and community programs available exclusively though our own sources.

In order to recieve your Pre qualify for your mortgage, just ask, it's free! As a direct lender we can pre qual you today. Don'tsle yorself, You do not need to wait for your free pre qual, your absolutely free pre qual will arrive at your email account get it here from your computer.Remember that if you get a pre-qualified letter or pre-qual, that does not mean the homebuyer can get a loan. So some things to consider when you view things as asking pre qualied vs pre approved letter, which sometimes this was that the homebuyer was not a real qualified one. An important point is a pre-approved letter from a lender does. There are different types of cases, which most of the time, home sellers accepted offers without asking the question if the homebuyer is qualified or not. Later on, it is descovered the home seller only found out several weeks later that the homebuyer couldn’t get the mortgage loan. When looking at this case, a pre qual would have helped, but a pre approval not only have to let the buyer back off, but also have to refund the earnest money to the homebuyer.

Please feel free to ask us anything finance related, we are here to help you get the best financing available. Don't think you have a question that you think is dumb, the only dumb person is the one that doesn't ask, and then gets in trouble. Please ASK AWAY!