What information will a loan officer give you once you do a pre-qual?
2007-05-23 13:23:52 · 6 answers · asked by pantheress559 2 in Business & Finance ➔ Renting & Real Estate
They will give you a prequalification letter.
You will WANT to go a step further so you don't waste time down the road.
Before you write an offer on any property get Pre-Approved. Give the lender ALL of your info, bank statements, W-2's, paycheck stubs, tax returns etc.
You want that Pre-Approval letter where at the bottom of the letter it states : This borrow is approved for $X the only other conditions we need are 1. an appraisal & 2. a preliminary title report. 3. Final income & employment verifications.
good luck!
2007-05-23 14:33:01 · answer #1 · answered by Miss Emily 3 · 0⤊ 0⤋
Basic interview is: How much do you earn? How much do you owe? Based mostly on that a lender can provide you with a pre-qual. Which some Realtors will give to a Seller to begin locking in a sales contract.
Then they dig deeper, and find out that you have had 1 or more bankruptcies, unpaid child support order, and one repossessed car.
Then, nobody wants you.....
2007-05-23 14:10:13 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
It depends on what you ask for and what you want to do with it. If you just want a letter saying you are cool so you can make an offer then that's what you get. If you want to be "pre-approved" then they will actually check your credit, submit you to a lender and possibly lock in an interest rate if you need it.
2007-05-23 14:03:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the day formerly on the instant Get pre-authorized on the instant call an agent the next day start up finding you additionally could make the ultimate date any day you like previous approximately 30-40 5 days out. In different words in case you sign a freelance on the instant you're able to have the ultimate date Sept a million by way of Oct 31 or any day between. you will possibly no longer discover what you're finding for in the 1st weeks of viewing residences. or you're able to be able to easily like the 1st domicile you view, yet do no longer prefer to close till Oct. observe: you do no longer understand in this lending industry in case you may get authorized or no longer. issues have replaced dramatically in the lending standards in the previous 365 days.
2016-10-13 06:36:05 · answer #4 · answered by ? 4 · 0⤊ 0⤋
A pre-qualification letter with:
An amount that you are pre-qualified up to.
A list of conditions for funding the loan
2007-05-23 13:31:25 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It will list the amount that you are qualified to borrow and at what terms, interest rate, APR and years.
2007-05-23 14:22:36 · answer #6 · answered by ttpawpaw 7 · 0⤊ 0⤋