Pre-Approval or Pre-Qualification With a Credit Check?
Dear Friends,
Now that spring has officially sprung, you may have been getting the inkling to get back into the housing market. Maybe you have been thinking about listing your home for sale and upgrading to your next one? If so, don’t wait until that perfect house comes on the market to get pre-approved. Although, we are very willing and grateful to be of assistance, and we are always on call; you will benefit by getting your documentation to the lender ahead of time. For one thing, you will receive (or you should receive) a variety of official Dodd/Frank Loan Estimates for the loan program(s) and price ranges that you qualify for and desire. Therefore, you will feel more comfortable in knowing what the down payment, monthly payment and costs are prior to making an offer. Additionally, your loan application documents will have been reviewed, and verified. As a result, you will be officially “pre-approved” and your offer will stand out against the “pre-qualified” buyers as a result.
Pre-Approval > Pre-qualification with Credit Check
There is a difference between a bona fide pre-approval, and simple pre-qualification and credit check. After all, if you can get pre-approved in just 8 minutes, you just may not be pre-approved?
Also, if you know of someone who is looking to get into the housing market this coming year, please pass my name and contact information along. We greatly appreciate your referrals as our source of business! Thank you for everything.
-Naomi Schroeder, Mortgage Lender
Phone: 877.906.4480
Email: naomi@polarishfc.com