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Home Buyers Toolbox
Pre-qualifying & pre-approval - what's the difference?

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!

Get Pre-Approved for a Mortgage Loan Today!
  Home Mortgage Alliance - Tiffany Swisher - (303) 327-6689
  Caliber Funding - David Thomas - (720) 439-3313
  Fairway Independent Mortgage - Kari Abt - (303) 489-1205
  America's Mortgage - Tenby Dahman - (303) 862-7760

 

If you have any questions or issue with this preferred service provider, call Anthony Rael at 303.520.3179.

  RETURN TO MORTGAGE LOAN CALCULATOR
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If you require a more specific information on a property ASAP
contact Anthony Rael, REMAX Alliance at (303) 520-3179

 


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