PreQualified vs PreApproved
Did you know that there is a huge difference between PreQualifed and PreApproved, and that over 90% of sellers and the real estate agents that sell their homes demand a PreApproval! As well did you know that most major banks and institutions never allow the better of the two, PreApproval Letter! Even if they pull your credit and take an application fee!
PreQuailfed: is a basic conversation with a mortgage professional that acts like the Cliffs Notes version of a real review of your borrowing ability. It’s a simple conversation about your income and debts too quickly determine if your “say-so” income can cover the debts of a home. While these mortgage people may fill in the conversation with substance or even pull your credit, this PreQualification Letter, that they can only provide, is about as good as seeing a quack opposed to a real docter…or at least that’s how the seller’s side will interpret you.
PreApproved: goes beyond a surface of review. First, you will need to work with someone that will offer a PreApprovla Letter. Then, you actually apply for a loan and have a full review of your income documents along with many other factors that can hinder your ability to own down the road. A PreApproval will provide you with the industry standards to make yourself more presentable to a seller and for them to take your offer to buy their home more seriously. In fact, many relocation companies (who control the sale of a home) around the world never allow a PreQualification Letter with an offer to buy a home, ever. They will just turn your offer down unit provided, and if you are in a multiple-bid situation you’ll lose out!
If you work with someone who cannot put the word PreApproval on a letter, you’re hindered. When you allow us to pre-underwrite your loan documentation and personally PreApprove you to buy a home, this means the last thing you need to do on your list is simply contract on a home.
With us as your lender, as a Chicago Mortgage Broker, we have the control to help you become more than just prequalified!