{"id":6148,"date":"2020-11-20T14:40:54","date_gmt":"2020-11-20T19:40:54","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/?page_id=6148"},"modified":"2020-11-20T14:40:54","modified_gmt":"2020-11-20T19:40:54","slug":"pre-qualification-vs-pre-approval","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/pre-qualification-vs-pre-approval\/","title":{"rendered":"Pre-Qualification vs. Pre-Approval"},"content":{"rendered":"

Know the difference between a pre-qualification and a pre-approval:<\/p>\n

Pre-approval<\/h3>\n

A mortgage pre-approval is a thorough review of your income, debt, assets, and credit history. It is a rigorous process to determine how much money you can borrow. It is not a guarantee of a loan but is more valuable than a pre-qualification.<\/p>\n

Pre-qualification<\/h3>\n

A pre-qualification is a situation where the borrower reports their income, debt, and assets to the lender and based on that information tells you that you may qualify for this much of a mortgage.<\/p>\n

As a borrower, what matters to you is that you have a letter that reflects your financial ability to purchase a home. At Mortgage Equity Partners, we recommend that you review your letter to make sure it includes the following:<\/p>\n

    \n
  1. Purchase Price<\/li>\n
  2. Loan amount which will give you the Loan to Value<\/li>\n
  3. Expiration date<\/li>\n
  4. All borrowers\u2019 names and addresses<\/li>\n
  5. Loan Type<\/li>\n
  6. Loan Term<\/li>\n
  7. Are there seller\u2019s credits?<\/li>\n
  8. Is there a contingency to sell the current home?<\/li>\n
  9. Other contingencies<\/li>\n
  10. Contact details for the loan officer with valid NMLS identifier<\/li>\n
  11. Name and contact details of the mortgage company<\/li>\n<\/ol>\n

    A true pre-approval is a thorough review of assets and income documentation. You will have your credit report pulled and reviewed as well as your income and assets reviewed. This letter will give a true representation of your ability to borrow and give you a specific loan amount. In a competitive market, having a pre-approval rather than a pre-qualification can make the difference for you in getting your offer accepted.<\/p>\n

    Whether it is a pre-approval or a pre-qualification, what really matters is that you can trust the loan officer to do a detailed job so there are no surprises down the road.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Know the difference between a pre-qualification and a pre-approval: Pre-approval A mortgage pre-approval is a thorough review of your income, debt, assets, and credit history. It is a rigorous process to determine how much money you can borrow. It is not a guarantee of a loan but is more valuable than a pre-qualification. Pre-qualification A […]<\/p>\n","protected":false},"author":1,"featured_media":5068,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"class_list":{"0":"post-6148","1":"page","2":"type-page","3":"status-publish","4":"has-post-thumbnail","6":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/pages\/6148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/comments?post=6148"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/pages\/6148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/media\/5068"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/winterpark-fl\/wp-json\/wp\/v2\/media?parent=6148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}