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preapproval: Pre-Qual, Pre-Approval, Approval, Loan Committment! What does it all mean??? - 04/21/09 11:57 AM
Pre-qualification letter: This is merely a letter that the lender provides to the realtor when asked, to send on with the OTP, that shows the SELLER that the customer has made application, had credit pulled, and in the "eyes" of that particular lender, should not be a problem to get financed. This letter is not much, but is MUCH better than someone who hasnt even applied yet! MANY LOOPHOLES though. Possibly, one addition here would be that the funder or lender has run DU, LP, DO, or something similar to obtain an electronic approval.
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preapproval: The typical lender "NEEDS" list! The basic items a lender will need to either pre-qualify, pre-approve, or APPROVE your loan! - 04/20/09 01:13 PM
I see all kinds of documentation in your future my friend! Beware!
Today, as a LENDER, our crystal ball has no idea what it is doing! We rely on automated approvals to tell us exactly WHAT WE NEED from a customer, and even this isnt good enough, as an underwriter has complete discretion at ADDING ITEMS at any time! This stinks, but is a direct result of bad lending practices in the past!! However, there are quite a few basic items that you can tell your customer that they will need, in order to get pre-qualified, pre-approved or APPROVED … (17 comments)
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