Queenofsolano, Home Buyer in Vallejo, CA

What is a pre approval?

Asked by Queenofsolano, Vallejo, CA Thu Jan 10, 2013

Help the community by answering this question:


Claudia Muller Gravelle’s answer
Hi Q:

A preapproval is an actual, completed loan package that has been submitted to an underwriter for approval. The only piece that would be missing is the identified property.

With a preapproval, once the property has be identified, the only documents that would need to be provied would be an appraisal and a contract.

The preapproved loan can close in as little as 2 weeks.

A preapproved demonstrates to the seller that you will be able to close your transaction subject to appraisal (or not if you waive appraisal contingency).

Check out my blog Preapproval v. Prequalification
Questions: cgravelle@diversifiedmg.com
1 vote Thank Flag Link Thu Jan 10, 2013

Here's my definition of a "True Pre-Approval", which you should strive to achieve:

1 vote Thank Flag Link Thu Jan 10, 2013
Contact with your lender for more info , good luck
0 votes Thank Flag Link Sun Jul 14, 2013
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