preapproval: Why Your Pre-Approval Isn't Real - 01/11/14 09:01 AM
The topic of a Borrower or Real Estate Agent requesting a Pre-Approval instead of a Pre-Qualification comes up quite frequently.  The terms have been used so interchangeably for so many years now, so it is bound to lead to confusion.  In today's market, you will most likely not be getting a true Pre-Approval letter though.  Instead, a Pre-Qualification will be given to the Borrower. 
 
Most lenders quit issuing true Pre-Approvals several years ago for a variety of reasons.  One main reason for the change was to be in compliance with applicable Federal laws.  RESPA laws that govern the GFE changed January 1, 2010 .  When that … (9 comments)

preapproval: Pre-Qualification vs. Pre-Approval - 11/30/08 11:28 AM
"How do I know what price range to look in?" 
"How do I make sure my offer is accepted?"
These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by your lender, but it also strengthens your position at the negotiating table, especially in a multiple offer situation.
Pre-qualification
Provides a "ballpark" estimate of your buying power Is based on summary information you … (0 comments)

 
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