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.
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For help with home financing,
home loans, home mortgage financing, mortgage loans, home financing,
mortgage, Colorado home loans, Colorado mortgages, mortgage rates,
pre-qualifying, pre-approval, FHA, VA, Conventional, current interest
rates & mortgage options - please contact one of my preferred
mortgage loan brokers below who can help you get pre-qualified or
pre-approved for a loan.
The companies and contacts below have proven to be outstanding mortgage
brokers who can help with New Home Loans or Re-Financing. There is
absolutely no charge or obligation and is a vital
first step in preparing to purchase a property.
Denver Area Mortgage Lenders
Are you a Veteran of
the US Armed Forces?
Did you know there are special home financing benefits
available by the Veterans Administration? Contact Anthony Rael at
303-520-3179 to learn more about this wonderful low-cost home loan
program!
Buying
a Home with VA Loan?
