One of the issues with all of the online pre-qualification tools as well as with “pre-qualifications” in general (like what banks perform) is that they do not account for job history. With a “pre-qualification,” either software or a loan officer does a preliminary analysis based on credit, income, assets and loan amount. With a full pre-approval, a loan officer or underwriter combs through the complete file looking for every potential issue. We have had two unqualified borrowers come to us in the last week alone who were “pre-qualified” at other lenders.Read More