Mortgage Pre Approval Not Prequalification
by Sally from Eugene
Regarding Mortgage Pre Approval Not Prequalification: Want to jump to the front of the mortgage line? Get there with mortgage pre approval. Don't bother getting pre-qualified! Getting pre-qualified means the bank just takes your word on how much money you can pony up for a mortgage but doesn't verify that you actually have it!
If it can happen in ten minutes or less, it isn't much use. Getting mortgage pre approval on the other hand, means that the lender reviews all of your financial documents, verifies your credit, and is ready to make you a real mortgage offer!
This can be crucial when searching for homes, because the sellers know that all you have to do is pick up the phone, and your mortgage is assured! You also have the comfort of knowing that once you find the house of your dreams, your mortgage will already be waiting for you.
It is to your advantage to sit down and discuss your finances with a mortgage lender before you are under the pressure of competing for your dream house with other home buyers! Sally
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