Getting a pre-approval letter means that you are likely to be approved for a mortgage and also states the amount for which you may be approved. It carries much more weight than a pre-qualification letter. It’s important to remember that you are not guaranteed to get a mortgage if you are pre-approved or pre-qualified.
"A pre-qualification letter is all but required with an offer in our market," says Kaderabek. "Sellers are savvy and don’t want to enter into a contract with a buyer who can’t perform on.
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A pre-approval letter, which also comes from a lender, is provided after you submit proof of your assets, income, and expenses (in the form of pay stubs, tax returns, and bank statements), and.
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A pre-qualification letter is similar to a pre-approval letter in that it lays out what buyers can afford to pay. However, it relies only on buyer statements with no independent verification. It’s easier and faster to get because it is only an informal estimate.
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A pre-approval letter does not guarantee that you will actually get the loan. It simply means there is a chance you will get approved, if and when you clear the underwriting process (which is the real moment of truth).
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In a sense, the prequalification is useless to you as a borrower. It’s not a commitment to lend. It doesn’t help you negotiate with sellers, the way a pre-approval letter does. It doesn’t even give you a realistic sense of what you can borrow, because the lender only performs a cursory review of your finances.
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