Getting pre-approved over being pre-qualified, what does it all mean. I have been doing mortgages for 18 + years and I have a very strong opinion on the difference between pre-qualification letters and pre-approval letters. What do we keep hearing on the streets? Pre-qualification letters aren't worth the paper they are written on. So, pre-approvals are written on gold bars then? The comments below is the reason why I wanted to give more insight to this argument.
Comments from realtors in past discussions : "A pre qualification is of absolutely no use in my market. … (47 comments)
Mortgage Commitment dates are very important for several reasons. I wrote about this below... please read - What time is it? It's COMMITMENT time!! Has your commitment letter been on time? The problem that I am seeing now more and more? I am seeing unreasonable commitment dates in the agreement of sale. I am not the only one that has noticed this because I have asked a few loan officers that I respect and they have agreed.
We all know that realtors, buyers, sellers, and lawyers get … (44 comments)
The day before settling on your new home, your lender tells you that you have been denied for x,y,z of a reason. You ask how this can be because your lender has had your mortgage application for over 30 days. You are furious.... Well folks, this has been a very touchy topic of lately, those loan officers that issue pre-qualification letters or pre-approval letters. There was a comment on my previous blog, Pre-Qualification letter vs Pre-Approval vs Commitment letters - Knowing the differences. The comment was written by a loan officer with 7 + years of experience. Just a FYI... I am … (20 comments)
Does this sound easy to answer? Which came first, the chicken or the egg? How about this question.... Do you know the difference between a pre-qual letter and a pre-approval letter? Both answers could differ greatly, depending on who you speak to and who is a professional on the subject matter and who isn't. I just wanted to dig a little deeper into this. There seems to be a major misunderstanding in my opinion. You first need to read this post by Steve Kappre & the comments: Pre-Approvals that pack a … (40 comments)
commitment letters: What time is it? It's COMMITMENT time!! Has your commitment letter been on time?
- 05/07/09 07:38 AM
How Long Has This Been Going ON, that I still haven't received my commitment letter. (please click on the link for some satire) My reasoning for that particular song? I just received this comment the other day on another blog of mine. - "Just this week I had a mortgage guy tell me that the mortgage companies systems were down for the last 3 days. We should have had the commitment three weeks ago. Since when did, "we are busy" become an excuse that is acceptable?" 3 Weeks ago? That is UNACCEPTABLE and usually is a major red flag. Why is the … (28 comments)
commitment letters: The difference between a Pre-Approval and a Pre-Qualification letter.
- 08/09/08 03:34 AM
I think the understanding of what the difference is between a pre-qualification and a pre-approval letter is very important, especially in today's market. I am finding to many consumers that have been led that they were pre-approved, when they were hardly pre-qualified. If a loan officer or the lender hasn't collected your pay stubs for 30 days, 2 months worth of bank statements, and at least your W-2's... and, that you haven't filled out a mortgage application... Then you aren't officially pre-approved. Thanks, Jeff Belonger
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I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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