PREAPPROVAL VS. PREQUALIFICATION

Gonnacatchapeacock Posted: Feb 17, 2005 10:16 PM

PREAPPROVAL VS. PREQUALIFICATION

We spoke to someone who claimed he was doing our preapproval---FH got the letter in the mail today --- PREQUALIFIED.

We want pre-approval....Can we obtain this status by going to my local bank and requesting it there?

Someone said something along the lines of, each branch has one person who does it, he floats around and you have to make an appointment for him to come for you'.

Is this true?

thanks you for helping !!!

skew Posted: Feb 18, 2005 07:46 AM

Re: PREAPPROVAL VS. PREQUALIFICATION

to be honest, we never had to show our preapproval letter. we told our agent that we were pre-approved, but were never asked to submit the letter.

you can obatin a pre-approval letter from anyone. you are NOT bound to getting a mortgage w/ the company that you are pre-approved w/.

kpny622 Posted: Feb 18, 2005 07:59 AM

Re: PREAPPROVAL VS. PREQUALIFICATION

I never heard of the whole 'floating guy' concept, but these days you can get pre-approved through a mortgage broker, or even online. It only takes a few days.

MrsTC Posted: Feb 18, 2005 09:55 AM

Re: PREAPPROVAL VS. PREQUALIFICATION

We did our pre-approval through www.lendingtree.com.

They send your application to a bunch of banks and in a few days the pre-approvals come back.

StepherG Posted: Feb 18, 2005 10:29 AM

Re: PREAPPROVAL VS. PREQUALIFICATION

Did you submit all your financial information?

I have no idea what you are referring to about a 'floating guy'

You can go to ANY bank to try and get a mortgage.

NPbride Posted: Feb 18, 2005 10:36 AM

Re: PREAPPROVAL VS. PREQUALIFICATION

We only got prequalified and no one ever gave us any difficulties. Personally, I don't see the big deal about getting prequalified instead of preapproved, unless there is a concern about getting denied for the loan. Did this person base your prequal on your financial data and did they pull your credit report?

kpny622 Posted: Feb 18, 2005 12:03 PM

Re: PREAPPROVAL VS. PREQUALIFICATION

Also, no seller asked us for preapproval or prequalification either. We only had prequalification - which is basically worthless anyway because anyone will write you that letter without a credit check. Pre-approval requires a credit check and you can potentially get pre-approved for less than you prequalification letter.