We hear so much talk about buyers being pre-qualified or pre-approved, but what about pre-qualifying the house that is being sold. I was inspired to write this post after reading a post and its comments that was written by Valerie Osterhoudt. ~ FHA guidelines are making it hard to keep deals together ~ She talks about a home that she is trying to sell and just came across another change to FHA loans because the buyer was qualified with a FHA loan. The key point in this conversation was that "everything was going smoothly until ...." Until the loan … (26 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)
pre qualification 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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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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