Do you have a Preapproval or Prequalification?
June 07, 2022
PREAPPROVAL LETTER OR PREQUALIFICATION LETTER?
In a time where there are multiple offers, and our market is extremely competitive, it is important to have a good Preapproval letter when you submit an offer. Is the letter that you are working with a Preapproval Letter or a Prequalification Letter? Always read the letter that you are provided with, and make sure that you ask questions, if you are unsure about anything in the letter. Most lenders have a standard form letter that they use. It is important that the Lender takes the extra step, and verifies their credit, their employment, their cash to close, etc.…because you don’t want to find out, after you have an accepted offer, that something is wrong and you cannot close. Make sure you have a true Preapproval letter!
