As a Mortgage Professional I say that the Pre-Qualification letter is a good start, but also make sure as you are looking for a great Realtor to also make sure you are Pre-Approved. There is a huge difference!
Pre-Qualification usually means that the mortgage professional has come up with a maximum value you could qualify for with the information you have told them.
Pre-Approval means that they have actually looked at your situation and all of your documentation to make sure you can back up what you said and then compare it to underwriting guidelines either through an automated underwriting system or in comparison to written underwriting guidelines.
Pre-Approvals are the way to go!
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Senior Mortgage Planner
Cell (612) 850-2279
Office (651) 994-1900 Ext. 15
Fax (651) 994-9666
Check out my website at www.SeanWait.ValuedLender.com... more
Nothing. Paying cash is a common mis-belief among buyers. You still would perform the same due diligence, including an appraisal, inspection, title search, etc. And the seller always end up with cash in the end so there is no advantage to the seller.... more