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Mrs213
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Member since 2/09 18986 total posts
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Pre-qualification vs. Pre-approval
I thought we were pre-approved but it seems we have been pre-qualified. Is this going to be a problem for me when I put an offer in on a home?
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Posted 4/6/10 12:05 PM  |
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Prudential Douglas Elliman Real Estate
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: Pre-qualification vs. Pre-approval
depends on what the agent/sellers require
some will take a pre-approval letter to get started, but there were a few houses we bid on that they wouldn't even consider the offer if we weren't pre-approved.
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| Posted 4/6/10 12:15 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Pre-qualification vs. Pre-approval
This happened to us, I didn't realize the difference. Pre-qualification they don't run your social, just basically look at what you are taking in.
Go get a pre-approval, you'll need this to bid on houses, to show sellers that you are serious and have been pre-approved for a mortgage. It does not cost anything, and you can get it through any company. You do not have to get your mortgage through the company you get your pre-approval with. It's just a piece of paper saying you are approved for X number of days in the future.
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| Posted 4/6/10 12:19 PM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Pre-qualification vs. Pre-approval
ok thanks ladies great to know - I just emailed my guy I hope this is something that can get done fairly quickly
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| Posted 4/6/10 12:23 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Pre-qualification vs. Pre-approval
Posted by staceyums81
ok thanks ladies great to know - I just emailed my guy I hope this is something that can get done fairly quickly
It is, they'll send you a letter, and you might even be able to get them to email it to you. I know I had mine within a day.
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| Posted 4/6/10 12:30 PM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Pre-qualification vs. Pre-approval
Posted by neener1211
Posted by staceyums81
ok thanks ladies great to know - I just emailed my guy I hope this is something that can get done fairly quickly
It is, they'll send you a letter, and you might even be able to get them to email it to you. I know I had mine within a day.
we have the letter already - I thought we needed something else - I just emailed him and he said this should be plenty so I think we are fine
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| Posted 4/6/10 12:35 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Pre-qualification vs. Pre-approval
Posted by staceyums81
Posted by neener1211
Posted by staceyums81
ok thanks ladies great to know - I just emailed my guy I hope this is something that can get done fairly quickly
It is, they'll send you a letter, and you might even be able to get them to email it to you. I know I had mine within a day.
we have the letter already - I thought we needed something else - I just emailed him and he said this should be plenty so I think we are fine
Ok, just check with your agent though. We had a pre-qualification letter, and it was not good enough, we had to get the pre-approval letter.
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| Posted 4/6/10 1:45 PM |
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