Pre Approved Property LoanPre-approved real estate loan
It means that you are eligible to obtain permission for a home loan. This does not mean that you are actually approved for a loan. Prequalification is on the basis of: This prequalification procedure is very easy. Provide the creditor with your entire financing situation, including your incomes, debts and wealth.
Your creditor will review the information and give you an indication of the amount of the loan you are eligible for. Prequalification can be done by telephone or over the web, and there are usually no charges other than a loan assessment charge, if any. The prequalification of the loan does not involve an assessment of your total ability to own a home, but is more like an estimate.
In the prequalification phase, you can talk about all your objectives or needs regarding the home loan. Don't deceive yourself about how much revenue you earn or how many of your wealth you have because all this information is checked. Prequalification is a fast procedure and is solely reliant on the information you give the creditor.
So you can be sure that you will be approved for the amount you are qualifying for, but it is not carved in rock. Advance clearance takes a little more in the way of getting your hands on a little papers. Most importantly, the creditor actually checks your earnings, your wealth, your creditworthiness, etc. Loan verification is necessary, you must make your W2's, payment tubes, account statement, statement of funds, etc. available to the creditor.
Your leverage is analysed to see if you are a good borrower. What you need to know is whether you are a good lender. As soon as a pre-approval has been granted, you know exactly what amount you can lend for a home loan. Buying this type of loan gives you an edge when it comes to working with a prospective vendor, as the vendor will know that you are much further in the borrowing stage than a pre-qualified loanee.
Advance authorisation is better because it is much more thorough, formally binding and completed. Advance clearance creates much more trust for both the purchaser and the vendor and increases your bargaining clout. Advance clearance and pre-qualification are not the same. When you need pre-qualification and pre-approval, call us today at 888-573-4496 or submit your application online.