What are the differences between mortgage prequalification, preapproval and final loan approval?
Answers | 1
January 27, 2016
Generally speaking, a pre-qualification is issued when a lender has analyzed your mortgage loan application and a credit report. A pre-approval (stronger) is a pre-qualification plus a lender has also analyzed your income & asset documentation. Lastly, a loan approval (strongest), also known as a commitment letter or loan commitment, is when the underwriter at a lender has approved your loan.
Asked by Brady
Answered by Brian Howell
Mortgage Professional in Castle Rock, CO
No Brady it usually isn't. I would recommend sending two separate checks for $100...
Asked by MORE DIOP
Asked by donna
Answered by David Skow
Mortgage Professional in Seattle , WA
Thanks for your post .....your best 1st step will be to get a loan pre approval ...