Whether you’ve found the right home, you’re just starting to look at homes, or getting ready to make some offers and want to make sure you’re really approved with no surprises you need to talk to a lender. The term “Pre-Approval” is probably the most abused of all mortgage terms. Getting a Box Home Loans Pre-Approval means making offers with
The term “Pre-Approval” is probably the most abused of all mortgage terms. Getting a Pre-Approval means making offers with Underwriter Approval on Credit, Income and Assets. Lenders try to pass off Pre-Qualification as a Pre-Approval, and they throw the term around like a cheap suit. Be careful. Pre-Qualification and Pre-Approval are not the same thing. Which one is right for you? You decide.
Pre-Qualifications are an issued opinion from a lender letting you know if you would qualify for a loan. A loan officer will analyze what you tell us you make and what you state your assets are. As long as what you state is accurate, a pre-qualification is generally accurate but still needs to be reviewed by an underwriter. If all you need is a quick answer to ‘can I afford this house payment?’ – then get a pre-qualification. If you’re ready to start placing offers on homes, you really should get pre-approved.
A Pre-Approval means that lender will fully underwrite your application, credit report, and income and asset documentation prior to you actually making an offer on a home. Here are the reasons why a Pre-Approval is a good idea:
– See more at: https://www.boxhomeloans.com/purchasing/ready-to-make-offer/#sthash.i2HxU8Lu.dpuf