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Today, we’ll talk about the difference between pre-qualification and pre-approval with Brandie Denton at Waterstone Mortgage.
What is a pre-qualification letter? Normally, a pre-qualification letter includes obtaining a credit report and gathering information from the borrower directly. We can do this in just a few minutes over the phone.
What is a pre-approval letter? A pre-approval letter is issued after receiving required documentation by an underwriter. This can be issued in as little as two to three days once we receive all the required documentation.
What’s the advantage of having a pre-approval to the buyer? The advantage here is the chance of a better negotiation with the seller because it will give the seller more confidence in your offer.
Is there a checklist for the process? Yes, Brandie uses a checklist that I email immediately to clients after pre-qualification. She sends it to her client and Realtor. Also, we use closeyourloanontime.com here at Waterstone Mortgage because it has a check list.
We hope you found some of this information helpful today. If you’re looking to buy or sell a home, please give us a call!
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