PreApproval Vs. PreQualification
Despite the fact that we are living in an ever-changing market where interest rates fluctuate faster than the tides in the ocean at Sandy Beach, there is one thing that hasn’t lost its steadfast reliability in the homebuying industry… The handy-dandy “PreApproval letter”.
Most sellers will not take a PreQualification letter seriously because it is based on stated/verbal income and credit information.
REALTORS(R) and sellers are more likely to accept a PreApproval offer for the property because the letter is based on verified income, credit & other documentation.
Gives you a basic understanding of what you “might” qualify for, but should not be considered as the “green light” to start shopping.
Once you are PreApproved, your lender will provide you with a powerful PreApproval letter that will state a specific dollar amount that you qualify for. You can confidently start your home search and submit offers based on this letter knowing that you have a conditional guarantee of funding.
Can be done over the phone with no documentation and is worth no more than the paper it is written on.
PreApprovals are backed up with legitimate documentation and provides an exact snapshot of what kind of interest rate you will pay as well as specifics on your loan fees and other related expenses. The letter says that you are APPROVED and creditworthy!
Should I Buy Or Rent A Home?
Taking the step toward homeownership is a big deal. John Sego NMLS#1439557, Lt. Col. U.S. Army (ret), and Senior Loan Officer at Aligned Mortgage, breaks it down for all Veterans. (NMLS>>>>>)
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