Pre-qualification info.

Hello, there is a difference between a pre-qual and a pre-approval or credit approval.Generally, they both require a credit report. However, I would be happy do discuss this with you and see what we can do without pulling credit. Please feel free to reach out to me. Blessings!Lorne Harvey

A Pre-Qualification is a good first step to determine eligibility where you estimate income, assets, and liabilities, and provide your verbal credit score. A Pre-approval requires an a credit report, and documentation to offer a conditional loan commitment from the lender. The documentation required varies with the borrower and loan type, where sometime the income and assets can be automatically verified, and/or tax returns are not required. Self-employed borrowers need to provide tax returns. There is no cost or obligation to explore your loan options me. Please don't hesitate to call me for more advice. Randy Free - Mortgage Advisor - Opes Advisors, A Division of Flagstar Bank NMLS 283930 - 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401 - Direct Phone 541-984-5428 - rfree@opesadvisors.com

Big misconception is the HARD credit pull is a bad thing. The only way for a loan officer to really give you a real pre-approval letter is to pull your credit..

You can start with a pre-qual and work your way into a pre-approval when you are ready. Let me know if I can help. I am local...in Portland. Lea Snyder - 503-577-3895 - NMLS 39346

Garbage in, garbage out. Most lenders are happy to just get a name, then just call you for the rest. Other sites are aggregate sites that gather your basic information, then sell it to as many lenders as they can, all who will telemarket you to death (Lending Tree and Zillow for example). A REAL and proper pre-approval will require a full and complete application, review of credit, W2's, pay stubs, tax returns, and a full suite of verifications by the lender. Anything less than this is a joke. There is no way to get any sort of real Pre-approval without a full review. Stay off the internet, stay away from the banks, and you'll be fine. I lend in MN, WI, and SD. Reach me at iMortgageJoe.com. NMLS274132

The term "pre qualified" is a word you will hear in the mortgage industry, but is interpreted differently. Think of the "Pre-approval's" you get for credit card offers in the mail. For a true mortgage pre qualification, you need to fill out a complete application, give permission for the lender to run your credit, and provide all the required supporting documentation, including income and asset's. Anything short of that are just words.. Can you get an estimate?? Yes.. but why bother.. Until a qualified loan officer analyzes your complete loan profile, you wont really know if you can get approved or not.. What kind of work do you do? Hourly? Salary? Commissions? Bonuses? Tips? Self Employed? The lending rules are different for all these property types.. How long as you been at your job? Less than 2 years? Previous employment? Where you in School? If so, are you working in your field of study?.. Again, lots and lots of information is required for a lender to make an informed decision.. and without that pivotal info, you could find the home of your dreams, and have just a few hours to submit an offer, but the real estate agent wont submit your offer without a pre approval letter from your lender.. Another thing you need to be aware of is that online lenders are not the best when it comes to doing purchase loans which have a hard line close of escrow date. For this reason, most real estate agents will not submit your offer if you have a pre approval from an online lender.. Dealing with a local, qualified mortgage banker/broker is your best bet.. they are lightning fast, local and easy to get to if you need to drop something off at an office. If you are serious about getting pre approved, then ditch the online stuff and contact a local guy.. give them your necessary info and then let them do their job.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

As you're seeing, there are a lot of variables; bottom line is you're not "pre-approved" without enough information to make sure you will qualify for the loan you apply for, and that means a credit report plus enough information to make sure the details of your application will match your preapproval. i.e. If you are w2/salary the amount of documentation needed for a preapproval is different than if you are 1099/self-employed which requires reviewing 2 years most recent IRS tax returns. I usually trust my customer information for w2 income and assets, unless the details are tight and depending on the type of mortgage. Details DO make a difference

Simply put Pre Qualifed - ALL verbal....you give the lender a verbal amount of your income/assets/credit score, and you get a pre qualification letter....this letter means zilch!Pre Approval - ALL verified, you send in all your documents and the lender verifies and checks credit...you get a letter that means more Full Underwrite - best option of all, you have gone through the process of the loan and are simply shopping for a home. Sellers take this option the most seriousgood luck, and let us know if you have any further questions 916-560-1230 ....a lot of great lenders on here as well