Tag Archive for: pre-qualification

When Do Mortgage Pre-Approval Letters Expire?

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There is a lot of work behind the scenes for a mortgage pre-approval when you are buying a home. While you, as a borrower, are just submitting an application and some financial documentation, loan officers are carefully reviewing your entire financial profile to ensure you qualify for a specific loan program. This includes a review of your income, assets, credit, and possibly more to determine the approved loan program, loan amount, and available interest rate.Read More

Pre-Qual Letter vs. Pre-Approval Letter; Difference, When & Why

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TEXAS DISASTER CERTIFICATIONS This is a brief notice to all of our Texas clients that many lenders are now requiring a Disaster Certificate before they will fund a loan.  This […]Read More

“Pre-qualifications” and Job History

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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

Pre-Quals Vs. Pre-Approvals; Huge Difference!

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PANICKED BORROWER ON VERGE OF LOSING DEPOSIT We had a borrower in contract come to us a few weeks ago in panic mode. The reason? He was on the verge […]Read More

Calling Listing Agents – We Do It Often; We Like To Do It; It Works

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We got several borrowers into contract this week only after speaking with the listing agent at length. B/c we fully pre-underwrite and pre-approve every one of our borrowers, we know […]Read More

“Pre-Qualification” vs. “Pre-Approval;” No Mas “Big Banks”

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A Realtor sent us a pre-qualification letter yesterday from another lender for one of our borrowers. The letter was shockingly vague and non-committal. It was written that way b/c the […]Read More