Pre-qaulified vs. Approved
One of the most common questions we get from a first time home buyer is asking to be pre-qaulified. Really what they should be asking for is to be pre-appoved.
Being pre-qaulified is as simple as asking 10 questions over the phone with no proof of anything. The problem with this is the lender never verifies income, assets or credit.
With a pre-approval we have our clients verify assets with 2 complete bank statement, verify income with 2 pay stubs, 2 years tax returns with w-2’s and we pull a tri-merge credit report verifing all credit history. We also cover any bankrupcy or divorce history during this approval as well.
With a pre-approval we want your loan to go through underwriting up front to take away the possiblity of any potential problems.
Doing the approval up front will save time, money and make your loan stress free when buying your first home.
So do yourself a favor and ask for a pre-approval not a pre-qaulification.
If you enjoyed this post, make sure you subscribe to my RSS feed!
« Happy First Time Home Buyer | Home | $8,000 is no big deal? »
Leave a Comment