Pre-Qualification vs Pre-Approval
Prequalification is the first step in your loan approval process. This includes a verbal review your income, employment and assets as well as pulling a current credit report. This information will allow us to quickly determine the amount of home you can shop for and the type of loan that may best suit your needs. This process is simple and typically takes less than an hour to complete.
Pre-Approval is a more thorough review of the prequalification information, as it includes the written verification of income, employment and assets. Verifying income amounts and proof of savings allows us to provide a much more reliable review and meets a higher standard to lend. Nearly all Realtors and Sellers prefer preapproval vs. prequalification.
When making an offer on a home, most sellers of a property will require a preapproval letter to consider your offer. We take pride in working to provide same day preapproval letters to meet today’s demanding market. Contact me today and lets get the process started to get your preapproved today!
This short video identifies the difference between loan pre-qualifaction and loan preapproval and which is most important.