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prequalification: 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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