Pre-qualification

Pre-qualification - Getting a pre-qualification means that your lender has a general idea about your income level, assets, debt and credit and estimated what you can afford.

Pre-Qualification Based on information given and Credit Pull usually done is 5 - 10 minutes once all documents are received. Documents are usually W-2's, tax returns, paystubs, or financial statements. Than the Credit Pull is a Tri-Merge Credit Report from all three agencys. Once the information is received or given over the phone or person a Pre-Qualification can be determined from that minimal information alone. The Tri-Merge report is the key to this Qualification. 720 + No problem can qualify off Tri-Merge report up to $500,000 680 - 719 Tri-Merge Report and minimal documentation 679-620 Tri-Merge Report and financial documentation 620 and Under Tri Merge Report and Copies of Financial Documentation. Contact your Mortgage Professional to get you and your family started today.

Pre-Qualification is not a loan approval. A loan approval clearly states which lender your loan is approved by, the type of loan program and interest rate details are clearly stated.

Normally to get a loan approval or loan commitment from a lender, your credit and loan details must be analyzed through an automated loan underwriting engine by the lender. As long as the details you have submited can be proven on the final loan submission and the property appraisal review is acceptable, the loan can be funded.

Want to strengthen your bargaining position? Get prequalified. Want your offer to stand out in a case of multiple offers for the same house? Get prequalified. Look at it from the seller's perspective. If you had 2 offers on the table for your house, one from a fully prequalified buyer and the other from an "I'll get around to that soon" buyer--to which offer would you devote the most attention? Even if the prequalified buyer's offer was $1000 less, would you take the chance on the buyer that perhaps may not be qualified? When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies.

You very first step in the loan process is the pre-qualification. This can be done in record speed now with the internet and online forms that most Brokers have on their website. These forms are safe and secure and you find out in minutes what amount you are pre-qualified for. You next step from there would be getting pre-approved where the right lender and right program for your situation is selected.

Prequalifications are normally done with verbal verifications most of the time and have little to no legal enforcement. Many realtors are now trained to ignore or discourage sellers from doing business with prequalified borrowers. They instruct them to only deal with conditional commitments because they have legal weight to be enforceable in most states once they are issued by the lender or bank.

I want to thank you for reading the information above. If you would like to continue this conversation than please contact me so you and I can discuss your financial situation. Please read more valuable information and when you feel comfortable I would like you to contact me.

You should alway get pre approved before you start looking for a home.

With a pre approval, you know exacty what you can afford and save a lot of time by not shopping for homes out of your price range.

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