Banks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers,
It isn’t the same as formally applying for a mortgage, but if you have a preapproval letter in hand, a seller may see your offer as stronger than others without a preapproval since your lender is.
Pre-approval, on the other hand, means the lender has already done its due diligence and is willing to loan you the money. Plus, you’ve got an official letter from your lender saying so that will speak volumes to a seller.
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Unlike a pre-qualification, a preapproval letter lends weight to your bid on a home, proving to sellers that you have the financial clout to stand behind your offer.
What is a Pre-Approval Letter? A pre-approval letter is a document that states the loan amount a lender is willing to make to a borrower. It is not a guarantee to lend, but it carries significant weight, especially to other parties in a real estate transaction such as agents and sellers. There are three core levels of approval status.
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· Pre-approval doesn’t affect your credit score, because the credit card issuer hasn’t done a hard pull on your credit report. If you decide to apply for the credit card, the credit card issuer will do a credit check that will result in a hard inquiry. The inquiry that comes from your application could hurt your credit.
After you’ve been prequalified, you’ll usually receive a "prequalification letter" you can show to an agent or seller as proof you’re working with a lender. This is a good first step, but it typically won’t carry as much weight as a preapproval because a lender hasn’t yet verified your information.
What is a pre-approval letter? Mortgage pre-approval is assurance from a lender to provide you with financing to buy a home up to a certain loan amount.
Pre-qualification vs. Pre-approval A mortgage pre-qualification can be useful as an estimate of how much someone can afford to spend on a home, but a pre-approval is much more valuable.