milestone to becoming a serious buyer is understanding the difference between being prequalified and preapproved. ... With a preapproval
letter from your lender, real estate agents and sellers know you are a serious buyer. This letter can be shown to sellers when bidding on a property.
A mortgage pre-qualification
can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval
is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve
a specific loan amount (usually for a particular time period such.SCOTT EATON
Certified Mortgage Planner / Branch Manager
NMLS ID# 289198
Reader’s Choice - Mortgage Professional of the Year 2012
Creating Raving Fans throughout California!