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A pre-qualification is normally issued by a loan officer,
who, after interviewing you, determines the dollar value of a
loan you can be approved for. However, loan officers do not
make the final approval, so a pre-qualification is not a
commitment to lend. After the loan officer determines that you
pre-qualify, he/she then issues you a pre-qualification
letter. This pre-qualification letter is used when you are
making an offer on a property. The pre-qualification letter
indicates to the seller that you are qualified to purchase the
house you are making an offer on.
Pre-approval is a step above pre-qualification.
Pre-approval involves verifying your credit, down payment,
employment history, etc. Your loan application is submitted to
an underwriter and a decision is made regarding your loan
application. If your loan is pre-approved, you are then issued
a pre-approval certificate. Getting your loan pre-approved
allows you to close very quickly when you do find a house. A
pre-approval can help you negotiate a better price with the
seller, since being pre-approved is very close to having cash in the bank to pay for the house!
If you have questions just ask! You may contact
Virginia Mortgage Bankers, LLC for your mortgage questions by email, phone or by appointment
in our office.
Start now by filling out our secure online application for
Virginia mortgage loans! Call us at 804.282.8808, Monday through Friday from 9 a.m. to 5 p.m. Eastern time
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