2007-03-20 13:04:49 · 3 answers · asked by dpkmissy 3 in Business & Finance ➔ Renting & Real Estate
A pre-approval letter means that the lender has reviewed your application and possibly checked your credit and you meet their basic criteria for a loan. The complete application package must include the specific property you are attempting to purchase and at this point that has not been determined.
A mortgage committment letter means that the loan is approved for the specific property you are trying to purchase at the terms that have been agreed upon.
2007-03-20 13:12:31 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
What you wound up with replaced right into a pre-qualified as oppose to a pre-licensed. the version is that with a pre-licensed you may were required to grant your #a million Pay stubs for one month #2 Six months of economic corporation statements from each of the banks you take advantage of to comprise any statements out of your 401-ok plan out of your job #3 Your very last 2 years federal earnings tax plus the W-2s to compare. even inspite of the actuality that you requested for what you needed the corporation you spoke with replaced into no longer able to regulate to what you needed or did not know a thanks to finish what you needed. some personal loan agencies attempt to bluff their way by and ultimately screw round with a individual. Now a private loan broking service on my own isn't able to grant this pre-approval letter, in spite of the undeniable fact that they are able to do it by their many underwriters they have underwriting their loans you should emphasis that some thing decrease than a pre-approval isn't proper. you should no longer be truly demanding, yet i'd contact bases with them and discover out the position in the processing section they're. Approvals are generally a 2-3 day time body, relying on the situations that's going to take about 3-4 more beneficial days, and then you should have an approval including your price, words and different products like a sturdy faith Estimate (GFE) as a count number of actuality you should have about 3 of them by ability of now. at the same time as they informed you that you had to make an grant that indicated to me that you probably did no longer have a pre-approval. i am hoping this has been of a few use to you, sturdy success. "wrestle ON"
2016-12-02 07:47:45 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Grrr, I hate having to answer after bostonian as he already said what I was going to. Put another way Pre approval is heresay Commitment is actual fact Nothing is ever 100% certain however until the loan closes
2007-03-20 13:16:46 · answer #3 · answered by Kevin H 4 · 1⤊ 0⤋