pre approved mortgage: 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 approved mortgage: 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
 
To RE-BLOG this post, please go to : http://activerain.com/73570/The-difference-between-a
 
 
Do you know … (15 comments)

 
Jeff Belonger, The FHA Expert - FHA Loans - FHA mortgages  - USDA loans - VA Loans ( Social Media - Infinity Home Mortgage Company, Inc)

Jeff Belonger

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

Cherry Hill, NJ

More about me…

Social Media - Infinity Home Mortgage Company, Inc

Address: Cherry Hill New Jersey 08034 08002 08003, Haddon Heights New Jersey 08035, Haddonfield, NJ, 08033

Mobile: (609) 440-5133

Fax: (775) 361-6619




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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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