preapproval vs prequalif

I pre qual is me just talking with you on the phone and getting the info that you give me and say based on talking with you here is a pre qual letter.A pre approval is better it means that I got your tax returns pay stubs and bank statements and really looked at them to make sure you really are approved and that what you said matches up so that you are really approved.

To obtain a Pre-Approval the lender should receive and review your Credit Report, 1 months worth of Pay statements, 2 years of W-2's/1099's, 2 years of Federal tax Returns, and bank statements. We then run your loan file through an automated underwriting system for your Approval, therefore everything is done except for the Appraisal. This carries the best weight with a Seller because you are almost as good as a Cash buyer!A Pre-Qualification simply means the lender asked you what your income was, but did not verify it. Usually the only items they have reviewed is your credit report. This does not provide you ANY assurance that you can actually obtain the loan you are requesting, and therefore puts your EMD deposit at risk!If you need more info, please call me at your convenience. I do lend in WV. Scott Kinne - VP- First Heritage Mortgage - 703-293-6146 - NMLS# 182351

Hi Syndey!A pre qualification is just a income, credit, asset qualification using what you the borrower verbally tell the loan officer. A pre approval is when the loan officer reviews the actual income, assets, credit and makes a determination. I would be happy to help you through the process- email me at pete.bass@everbank.com. On the web:www.everbank.com/pbass

Pre-qualification is when your loan officer looks at your supporting documentation you provide which should verify your credit, income, assets and debts, and based on his experience he feels he can get you financing. A pre approval is when your loan officer takes all that supporting documentation along with an application and submits it to the lender for underwriting approval. The lender will review all documents, call your employer and verify your job, ask the IRS for 3rd party verification of your tax returns, and issue a conditional approval based on their findings.. Most competent loan officers can issue pre qualifications that are most always accurate and will hold up once you actually find a home and have a full package to submit to the lender.. but if you wish to actually go through pre approval, then there are a few lenders out there that will underwrite a file where the property is yet to be determined.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com