Ask A Mortgage Banker: Do You Work With Lenders Who Offer Preapprovals/Prequalifications? What Is The Difference?

    Ask A Mortgage Banker: Do You Work With Lenders Who Offer Preapprovals/Prequalifications? What Is The Difference?

    Ask A Mortgage Banker

    March 21 2022

    In today’s Ask A Mortgage Banker: “Do you work with lenders that offer preapprovals or prequalifications? What is the difference?”
     
    A prequalification is a markedly less rigorous process, usually consisting of a conversation or conversations, a credit review, and not much else. In the current climate, a prequalification isn’t of much value outside of letting you know generally what you may qualify for. A preapproval on the other hand means that all of your paperwork including the loan application, credit information, income and investment statements, bank statements, identity verification, etc, have been reviewed and assessed. A preapproval is significantly more valuable and useful when purchasing compared to a prequalification. Even better than a preapproval is a full loan commitment, which means an underwriter has reviewed everything and all of the various approvals have been completed and they are fully ready to fund the specified loan. A full loan commitment gives buyers a tremendous advantage, which is especially valuable in today’s market and compresses the closing time frame which allows a deal to be done in 15-21 days on average.
     
    If you have any questions or are interested in securing a preapproval or a full loan commitment, give us a call at (760) 835-5663

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