I hear this all the time..."I've been pre-approved!" My response: "Great, please tell me about your pre-approval!" This is when I usually receive the blank look. I ask, "have you provided bank statements, pay stubs and tax returns?" The answer 98% of the time is no. The buyer then goes on to explain that they made a 5 minute phone call or completed an online application. Now comes the hard part of explaining that they've been initially pre-qualified and it's worthless. I was on a broker caravan last week and I was not … (0 comments)
Pre-qualified vs a underwritten pre-approval - I've been pre-approved 
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