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November 18, 2008
 
  What is the difference between pre-qualifying and pre-approval?
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A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. This pre-qualification letter is used when you are making an offer on a property. The pre-qualification letter indicates to the seller that you are qualified to purchase the house you are making an offer on.

Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are then issued a pre-approval certificate. Getting your loan pre-approved allows you to close very quickly when you do find a house. A pre-approval can help you negotiate a better price with the seller, since being pre-approved is very close to having cash in the bank to pay for the house!

    3 EASY Steps to Getting Your Loan

      STEP 1. Complete our easy step by step prequalification form by telling us about yourself, about your home, and the amount that you request. GET STARTED TODAY! No Cost. No Obligation.

      STEP 2. Once you have submitted your application. You will be assigned a personal loan consultant who will be your single point of contact for the entire process, all the way through closing.

      STEP 3. Once your loan is approved, you will be notified by us within 24 to 48 hours.

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*Rates are subject to change without notice. Loan application subject to credit and underwriting guide lines. Each case and situation is unique therefore your rates may vary depnding on different variables.
**APR may vary depending on term and amount. Rates are subject to change without notice. Loan application subject to credit and underwriting guide lines. Each case and situation is unique therefore your rates may vary depnding on different variables.