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| Jenel McGrath, REALTORS® "Your Real Estate Consultants.....for Life" (903) 813-1790 |
| Pre-Qualification "vs" Pre-Approval | |
| Don't lose the house because you thought you were "qualified" to buy. | |
| Pre-Qualification | Pre-Approval |
| Information is provided by the borrower. | Borrower must provide documentation. |
| Employment history, rental history & all asset information is provided by the borrower. | All employment history, rental history & assets are verified by a third party. |
| Debt to income ratios are calculated based upon borrower information. | Debt to income ratios are calculated based upon verified information. |
| Normally a credit report is not ordered. If it is ordered the pre-qualification is based upon our opinion only after reviewing the information provided by the borrower and review of the credit report. | Full credit report is ordered (price ranges from $25-65). All information is verified and the credit report is modified, if necessary. |
| A pre-qualification is based upon a loan officer's opinion after reviewing information provided to the borrower. No information has been verified. | A pre-approval has been determined by an underwriter. Of if the loan is a conventional loan, the loan has been submitted through our automated underwriting system (via computer). |
| Pre-qualifications can be processed over the phone in minutes. | Pre-approvals can take up to 7-10 days to fully verify all the information. |
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We suggest you take the extra time to get PRE-APPROVED for your loan, not just pre-qualified. A pre-approval will allow the loan to close quickly upon finding a property. The hard work has already been done. The following link(s) are provided as a service to our customers and clients. |
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Online Application coming soon
| Copyright © 2008 Jenel McGrath, REALTORS® | Most recent revision, |