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Difference Between A Pre-Qualification Letter and a Pre-Approval
As we enter the spring selling season and the last of the snow is melting away here in the Charlotte, NC. area and temperatures are rising back up to the 50's and 60's buyers are starting to come out of their hibernation and look at homes.  With the rise in buyer activity comes multiple offer situations. One thing I always advise a seller to look at when in multiple offers is the pre-approval or pre-qualification letter.  It can make a difference between two offers if they are close.
  So, what is the difference between a pre-approval letter and a pre-qualification letter?  Quite a bit actually.  When you go to talk to a bank about a mortgage generally you do not know the house you want to purchase yet.  You are checking to see if you can qualify for a mortgage and how much of a mortgage you can qualify for.  Thus the lender will typically do a pre-qualification letter to let you go out and shop for a house with.  Now, do not get me wrong; there is nothing wrong with a pre-qualification letter but it is just that...a pre-qualification.  This means that the lender has taken your personal ... more

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