864,658
In this seller's market, I strongly recommend not only pre approval but conditional pre approval letter. I am not one to like to waste valuable time, so to prevent it from happening to my sellers or prospective buyers, conditional approval letter is the way to go.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
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Gita Bantwal
Warwick, PA
4,800,082
A pre-approval carries considerably more weight than a pre-qualification so it would be preferable.
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Debbie Laity
Cedaredge, CO
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Gita Bantwal
Warwick, PA
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Les & Sarah Oswald
Eastvale, CA
2,486,205
I would prefer a pre approval.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
136,193
In Dallas Texas where I originate mortgages, Realtors often times will not even reply to offer without a pre-approval letter Bill Dandridge . We are in a seller market as well Sarah & Les Oswald . I have reviewed the "pre-approval" letters from Chase, Bank of America, and Wells Fargo and they do not conform to the definition of a pre-approval letter as defined by the State of Texas. A true pre-approval letter is one that confirms in writing that the loan officer has reviewed the income, assets, and credit of the borrower. Even that relies heavily on the expertise of the loan officers. A loan commitment ensures that the borrow is approved.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
1,239,901
I sent them to the lender if it is not recent... One case the borrower forgot to factor in his child support which put him in a lower borrowing limit.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
80,193
Pre-qualified hardly exists in my area - and many "Pre-Approvals" are in the same boat as old pre-quals since they usually only have a basic credit report, may or may not have assests verified, and no underwriter has looked at the documentation. Until someone actually takes their first trip through underwriting is a Pre-Approval really have much weight.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
4,434,127
I always recommend that buyers sit down with a lender and start the pre approval process as soon as possible.
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Debbie Laity
Cedaredge, CO
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Richard Woodward NMLS#...
Plano, TX
474,492
I think that they are both steps in the right direction in proving to the seller that your client plans on moving forward. I know that lenders say that the pre-approval sends a stronger signal, but I think that the pre qual letter is sufficient enough.
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Gita Bantwal
Warwick, PA
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Les & Sarah Oswald
Eastvale, CA
630,251
Of course pre-approval is the way to go.
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Richard Woodward NMLS#...
Plano, TX
4,319,419
Definitely - in this fast paced market.
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Richard Woodward NMLS#...
Plano, TX
3,988,007
Preapproval is always better than prequalified in my book.
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Richard Woodward NMLS#...
Plano, TX
3,727,873
Getting pre qualified isn't that useful. At this stage, none of the information is really verified, which is it needs to be at the pre-approval point.
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Richard Woodward NMLS#...
Plano, TX
438,218
I'll show a home before pre-approved, but I will not put in an offer until I know we can close it...
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Richard Woodward NMLS#...
Plano, TX
1,141,082
1,153,794
Sorry Richard, a pre-qualifying letter won't even get you through the front door with most of my Sellers.
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Richard Woodward NMLS#...
Plano, TX
6,104
Good question! Sometimes the listing agent will go with a pre-qualification which is based on unverified information. Most good listing agents will want a pre-approval and often times if they have been misled by lenders, thay will want their own trusted loan officer to cross qualify the buyer. The cross qual can be handled between the buyers lender and the sellers trusted loan officer. No need for the buyer to actually have communication with seller lender.
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Debbie Laity
Cedaredge, CO
90,543
I recently attended a class that was hosted by Wells Fargo and absolutely pre-approved not pre-qualified. So many things can change from the time the buyers have a pre-qual letter as opposed to an approval. In addition, the approval shows they are ready, willing and able buyers which is what the homeowner needs.
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Debbie Laity
Cedaredge, CO
2,224,473
There is a difference. I would prefer my buyers are pre approved. I will call their lender if it's just a pre qual and we will have a discussion. One time, there was only one form the buyer needed to complete before they were fully pre approved. It was that easy.
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Richard Woodward NMLS#...
Plano, TX
6,393,609
3,071,489
279,878