What is the difference between
Pre-Qualifying and Pre-Approval?
A pre-qualification is normally issued by a loan officer, who, after
interviewing you, determines the dollar value of a loan you can be
approved for. However, loan officers do not make the final approval, so a
pre-qualification is not a commitment to lend. After the loan officer
determines that you pre-qualify, he/she then issues you a
pre-qualification letter. This pre-qualification letter is used when you
are making an offer on a property. The pre-qualification letter indicates
to the seller that you are qualified to purchase the house you are making
an offer on.
Pre-approval is a step above pre-qualification. Pre-approval involves
verifying your credit, down payment, employment history, etc. Your loan
application is submitted to an underwriter and a decision is made
regarding your loan application. If your loan is pre-approved, you are
then issued a pre-approval certificate. Getting your loan pre-approved
allows you to close very quickly when you do find a house. A pre-approval
can help you negotiate a better price with the seller, since being
pre-approved is very close to having cash in the bank to pay for the
house!
For help with home financing,
home loans, home mortgage financing, mortgage loans, home financing,
mortgage, Colorado home loans, Colorado mortgages, mortgage rates,
pre-qualifying, pre-approval, FHA, VA, Conventional, current interest
rates & mortgage options - please contact one of my preferred
mortgage loan brokers below who can help you get pre-qualified for a loan.
The companies and contacts below have proven to be outstanding mortgage
brokers who can help with New Home Loans or Re-Financing. There is
absolutely no charge or obligation and is a vital
first step in preparing to purchase a property.
Get Pre-Qualified for a Home Loan
Today!
Preferred Local Mortgage Lenders
* Caliber
Home Loans - Tiffany
Swisher - 303.884.4137
* CMG
Home Loans - Mike
Wilcox @ 303.525.3568 or Deana
Hollstein @ (303) 300-8910
* Peak
Lending Team - Tenby
Dahman @ 303.478.9126
