Brenda Brown
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| Favorite Movies | When you show a pre-approval letter to the seller (actually your REALTOR(r) submits this on your behalf to the seller), it tells the seller that you are serious and have taken the appropriate steps to ensure that your offer is solid. Pre-approval means that you have actually met with a mortgage professional, either in person or over the telephone and they have gone over your financing to discover the top dollar amount you can use to most safely purchase a home. The intention is to have a mortgage professional with your best interest at heart, not just his or her pocket book. So before signing up to actual do the loan you should take steps to protect yourself. Do not allow mortgage brokers or anyone else for that matter pull your credit history until you have decided with whom you will work. Get your own credit score and report from the credit reporting bureaus and take it with you to your mortgage professional. Your REALTOR(r) should be able to present to you several mortgage professionals that have had dealings with his or her clients that she or he feels comfortable enough with to send you. I do have a very small handful myself that I refer. The reason that I refer them over any others in the industry is that they have shown a caring and careful attitude with and for my clients. Meaning that they are not looking to get them into "any" kind of loan, but instead have their best interests at heart. That is the most important job assisting people with their dreams. Ah, but I digress.- I was telling you the difference between pre-approval and pre-qualification. Pre-approval - they have looked at your information thoroughly and you just need to find the home. Pre-qualification - they have heard what you told them and said sure we can probably do that. Doesn't mean they can or will. |
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It is far better to be pre-approved rather than just pre-qualified.