Pre-qualifying is just the first step. It gives you an idea of how much of a loan you’ll likely qualify for. Pre-approval is the second step, a conditional commitment to actually grant you the.
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4. Why Do I Need a Mortgage Pre-Approval Letter? Earlier, we talked about the benefits of being pre-approved for a loan. real estate agents will be more willing to work with you, and sellers will be more inclined to take your offer seriously.
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A mortgage pre-approval letter provides the necessary third-party verification that what you told your loan officer is documented. Income Documentation. You’ll be asked to provide your most recent pay check stubs covering a 30 day period as well as your two most recent W2 forms.
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PDF Lender Pre-Approval Letters – the Good, the Bad & the Ugly! – much stronger than a "pre-qualified" letter from a mortgage broker no one has ever heard of. A letter which has wording to the effect: "subject to review of a credit application and buyer’s financial documents" tells the listing agent you have not submitted anything to get pre-approved and therefore your approval letter is
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