Pre-qualifying and Pre-approval
Why should you pre-qualify?
Sellers gravitate toward offers at list price (or more), and many of them also want to be sure that you are qualified with a secured home loan financing.
This is why you should represent yourself and your offer as favorably as possible.
Pre-qualification
This is a relatively simple process, where most lenders simply run your credit and collect specific data in order to generate your pre-qualification letter. The letter is not a guarantee of your financing; rather it’s a preliminary approval pending the verification of your assets and credit.
A pre-qualification letter does not translate into a leverage that will get your offer accepted.
Pre-Approval
At Nation Wholesale Lending, we bypass the pre-qualification step and actually process your loan application. By processing your loan application up-front, we can get your loan pre-approved and secure your financing. This further assures you are ready to hit the ground running as a buyer.
The following activities are part of the pre-approval process:
- Collection of all required documents
- Credit evaluation
- Employment and asset verification
- Underwriting submission
- Identification of potential challenges and their solutions
- Issuance of a formal intent to loan the funds
As far as sellers are concerned, an offer with a pre-approved loan is as good as cash. It gives you an edge over other interested buyers.
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