A prequalification does not require you to fill out an application; It simply relies on the information that you provide. A preapproval requires you to fill out an application and authorize your mortgage broker to pull your credit. I can provide you with either of these. I can tell you quickly what you will qualify for based on the information you tell me or I can provide you with a verified pre-approval which is much stronger than a pre-qualification letter that was generated by an online lender.
The application for preapproval is very easy and doesn’t take much time. Since I am a local mortgage broker I am able to take your application in person or over the phone. Or if you prefer, you can use my application link to do it online at your convenience. Once the application is complete, you will be asked to provide some documents. Some examples of documents that we might ask for are paystubs, W2s, bank statements and your driver’s license.
Since preapproval is based on verification of your information, it is a much stronger indication of how much home you can afford. For this reason, it makes your offer much stronger than an identical offer that comes in only with a prequalification letter.
In today’s market, it is imperative that you have your preapproval letter so that you can submit a strong offer as soon as you find that special house that you want. Do not miss out on another house! Reach out to me right away for your preapproval.