It's very important you know the difference between a Pre-Qualification and a Pre-Approval.  

  • Pre-Qualification:  Application and credit are reviewed and uploaded to an Automated Underwriting System (AUS) for automated approval.  Nothing is submitted, reviewed, or approved by an actual underwriter.  A Pre-Qualification isn't nearly as strong as a Pre-Approval.
  • A prequalification lets you know about how much you can borrow to buy a home, does not require a credit check, and is not a commitment to lend. 2

  • A PriorityBuyer® preapproval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details.

  • Pre-Approval:  All Pre-Qualification steps are completed.  AND, I email a list of documentation you'll need to send me (paystubs, W2s, bank statements, etc.).  This documentation is submitted, fully reviewed by an underwriter, and approved if satisfactory.  Underwriter issues initial approval with conditions to satisfy for final approval.  We continue to clear conditions while you search for your dream home!  A fully underwritten Pre-Approval advantages:
    • Determine maximum purchase price and maximum monthly mortgage payment
    • Save time by only looking at properties you're pre-approved to buy
    • Ability to close more quickly
    • Make your offer more attractive to a seller with multiple offers
    • Seller and listing agent love knowing you've been fully underwritten and a legitimate buyer