Here you are ready to make an offer on a house. Now this is when your realtor tells you that need to get a “pre qualified” letter. Now how things go when you view things which sometimes work out. Get yourself ready so that your lender to submit with the contract. You receive the pre qualified letter. and give it to your realtor. However then submitted with the contract and accepted by the seller. The contract states that you must close within a few days and you could not be more excited. Your lender calls you to let you know that your loan was not approved.

You may be when you view things which sometimes wondering how could something like that happen. You were pre-qualified! Well, this is one of those times when you must understand what the definition. There are significant differences between being pre qualified letter. and being pre approval letter. Knowing what they are beforehand can determine whether you actually close on the transaction or not.

There are many cases that the home seller only found out several weeks later that the person yet ready to buy is a flake not really get the mortgage loan. When this happens, you not only have to let the buyer back off, but also have to refund the earnest money to the homebuyer. Remember when you are issued pre qualified letter. or pre qual does not mean the homebuyer can always get a loan. A pre approval letter. from a lender does qualify at a much greater rate of success. So you need to understand this is the case most of the time, home sellers accepted offers without asking the question if the homebuyer is qualified with a mortgage lender.

So you are now armed with the pre approval letter. that can help you find the home you are qualified to buy taking into consideration of a satisfactory review, the credit underwriting is completed. Remember that in today's times a pre qualified letter. is not enough in today’s market, you need to be approval by a real lender.

Finding the house you want, you must understand the difference between these two terms. If you are considering asking for a pre qualified letter. Awaiting friend can cause much stress that you just want a letter. So that the pre qualified is subject to further review and due diligence, which a direct lender like us, can do for you.

 That way you can submit your offer with confidence, knowing that the loan is ready to go as soon as you get the contract and the appraisal. Let us do this new aspect, which is very important to have that “pre approval” when you submit the contract. The process usually takes a little more time, but that is where a little planning comes in.  pressure, and anxiety on everybody’s part when you do find and not loose your hope. Give yourself time, so you get started just a few weeks before you plan to go house hunting, this will save an enormous amount of time.