pre approval letter: Pre-Qualification Letter vs Pre-Approval Letter vs Commitment Letter - Knowing the differences - 07/16/09 06:36 AM

WARNING - Common sense prevails here..... 
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)

pre approval letter: 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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Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages  - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc) Ambassador large

Jeff Belonger

The FHA Expert - FHA Loans - FHA mortgages - USDA...

Cherry Hill, NJ

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