Show Call us! We’re available after hours and weekends, too. We’re a small business and work with local realtors. We can pre-qualify you whether you choose to work with us or not. Hint: If you are competing with another buyer in making an offer on a home, a pre-approval letter carries more weight than a pre-qualification letter. We will be happy to send you a copy of your credit report for your review. Pre-Qualified or Pre-Approved Getting pre-qualified means filling out a loan application, having your credit report reviewed, and talking with a loan officer who will provide a free pre-qualification letter to go with your offer. Getting pre-approved means you have also submitted supporting documentation on income and assets for review by a lender. It takes a little longer and requires more work on your part. If you’re ready now, just click here to begin our secure, online loan application. You probably don’t want the seller to know exactly what you are qualified to buy. You should get a letter saying that you are qualified to buy a house at a certain address, without stating a dollar amount. In any event, we recommend you shop with the knowledge of what you qualify to purchase. If you think you just want to get pre-qualified, keep reading. If you agree with our recommendation that you should get pre-approved, you might want to explore our topic, Why Should I Get Pre-Approved Before Shopping for Homes.
What If I Already Own Another Home?
After you have a contract to purchase property, you should ask for an offer or quote from several lenders to do your loan. You’ll want to let us quote you a rate and mortgage because we work with many lenders to compare rates and types of loans. If you used a pre-qualification letter, you’ll l have to do the extra step of getting approved by a lender at this time. Hint: Even if you get a pre-qualifying letter from another lender, you can still ask us to do a rate quote comparison! You should always compare rates. Often, clients are reluctant to share too much financial information. Let us reassure you, we have served North Carolina citizens for 15 years, and most of our clients are our neighbors! We promise to never share your information and to safeguard your privacy. Why Work With Us? Email your questions to Helping You Make Carolina Home!Which is better pre approval or pre qualification?Documents required for a preapproval may include pay stubs, tax returns and even your Social Security card. This means a preapproval is a stronger sign of what you can afford and adds more credibility to your offer than a prequalification.
Does preWhen a credit card offer mentions that someone is pre-qualified or pre-approved, it typically means they've met the initial criteria required to become a cardholder. But they still need to apply and get approved. Think of these offers as invitations to start the actual application process.
Is prequalified and preapproved the same thing?Unlike prequalification, preapproval is a more specific estimate of what you could borrow from your lender and requires documents such as your W2, recent pay stubs, bank statements and tax returns. The lender will then use these documents to determine exactly how much you can be preapproved to borrow.
Is a pre approval letter better than a pre qualification letter?There's not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to you, up to a certain amount and based on certain assumptions.
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