Prequalification vs. Formal Pre-Approval

Many borrowers start the mortgage process by becoming prequalified. Unfortunately, there are many degrees of prequalification. Although a simple prequalification is required prior to meeting with your Realtor, it is only a generalized analysis of your financial condition in relationship and is not considered a "formal pre-approval" nor is it a commitment to lend. Keep in mind that real estate loans can only be formally pre-approved after applications are completed, the information on the application is verified, credit reports have been analyzed and all have been directly submitted and pre-approved by the Investor.

Obtaining a formal pre-approval makes you a much stronger buyer! The formal pre-approval process is a complete analysis of you as a borrower. Obtaining a FREE Pre-Approval for a specific loan amount will allow you to proceed through the entire purchasing process with confidence as it involves selecting a loan program, filling out an application, obtaining a credit report and collecting the required documentation.

Upon receiving your formal pre-approval (usually within 24 hours from the time you complete the actual loan application and providing the required documentation) you should contact your Real Estate Specialist as soon as possible.

By providing your Realtor a copy of your "Pre-Approval Letter" you are greatly enhancing your chances for a smooth and successful purchase as it puts you in a much stronger position when negotiating the terms of your purchase, in addition to competing against multiple offers... Ultimately, this makes you much more attractive to a potential Seller once your find the right home!

Call Inman Mortgage today at (800) 814-4656 and receive a FREE No-Obligation Consultation or just simply Apply Online.