Not all Lenders or Pre-Approval Letters are Created Equal
Newsflash – not all pre-approval letters are created equal. There are huge differences between a pre-QUALIFICATION letter, a pre APPROVAL letter and a FULLY UNDERWRITTEN file. A pre-qualification letter can be generated without verification of information provided, while a pre-approval means critical documentation such as income, assets, debts, tax returns and credit history has been verified. Still it falls short of an UNDERWRITTEN pre-approval which means the lender underwriter has fully scrutinized and validated the file, removing any potential obstacles to final loan approval.
Buyers with fully underwritten files may choose to waive their financing contingency, enabling them to compete with cash buyers. The bottom line is that underwritten pre-approvals hold more weight, and are more attractive to sellers in a competitive market such as ours.
In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. Not only does being pre-approved bring clarity to your homebuying budget, but it shows sellers how serious you are about purchasing a home.
Let’s chat today so I can connect you with reputable local lenders who can get you fully underwritten and ready to compete to win.
Call/text or email me anytime! ginam@windermere.com.
