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Pre-Apply vs. Pre-Qualify?
Pre-Qualification
A Pre-Qualification is normally issued by a Loan Officer, who, after taking the information you have
verbally provided, determines the approximate loan amount he or she thinks you can be approved
for. However, Loan Officers do not make the final approval, so a pre-qualification is not a
commitment to lend. After the Loan Officer determines that you pre-qualify, he/she then issues you
a pre-qualification letter. This pre-qualification letter is used when you are making an offer on a
property. The pre-qualification letter indicates to the seller that you have met with a Loan Officer
and in his/her opinion you are pre-qualified to purchase the house for which you are making the
offer.
Pre-Apply
To Pre-Apply is a significant step above Pre-Qualification. When you Pre-Apply it involves
submitting a completed loan application along with documentation on your income and assets.
Your Loan Officer will pull your credit report too. After an initial review, your Loan Officer submits
your application package to an Underwriter and a decision is made. If your loan is Pre-Approved,
you are then issued a Commitment Letter signed by the Underwriter, and your Loan Officer may
also provide your with a letter stating that you are Pre-Approved. A Pre-Approval is typically subject
only to a satisfactory Sales Contract and Appraisal. The benefit of this is that once you find a
property to purchase, you can go to settlement quickly.
More importantly, when you Pre-Apply you can help yourself to negotiate more effectively with the
seller. This is because, in the sellers eyes, the fact that you are Pre-Approved is almost the same
as you being a cash buyer, which to the seller means less uncertainty that the deal will fall through
due to financing problems. And accordingly, the seller will be more comfortable in taking their
property off of the market and out of reach of other potential buyers, as they accept your offer.
Pre-Apply at Pre-Apply.com!
When you Pre-Apply you are doing yourself the biggest favor in the world! AmeriStar recommends
that you Pre-Apply for your mortgage if you are in the market to buy a home. That's exactly the
concept behind our website, Pre-Apply.com: Giving you the power of a Pre-Approval. Feel free to
contact your AmeriStar Loan Officer today to discuss it further, and find out how easy it is to
Pre-Apply and get the leverage you need to negotiate your best deal!
back to FAQ
Pre-Qualification
A Pre-Qualification is normally issued by a Loan Officer, who, after taking the information you have
verbally provided, determines the approximate loan amount he or she thinks you can be approved
for. However, Loan Officers do not make the final approval, so a pre-qualification is not a
commitment to lend. After the Loan Officer determines that you pre-qualify, he/she then issues you
a pre-qualification letter. This pre-qualification letter is used when you are making an offer on a
property. The pre-qualification letter indicates to the seller that you have met with a Loan Officer
and in his/her opinion you are pre-qualified to purchase the house for which you are making the
offer.
Pre-Apply
To Pre-Apply is a significant step above Pre-Qualification. When you Pre-Apply it involves
submitting a completed loan application along with documentation on your income and assets.
Your Loan Officer will pull your credit report too. After an initial review, your Loan Officer submits
your application package to an Underwriter and a decision is made. If your loan is Pre-Approved,
you are then issued a Commitment Letter signed by the Underwriter, and your Loan Officer may
also provide your with a letter stating that you are Pre-Approved. A Pre-Approval is typically subject
only to a satisfactory Sales Contract and Appraisal. The benefit of this is that once you find a
property to purchase, you can go to settlement quickly.
More importantly, when you Pre-Apply you can help yourself to negotiate more effectively with the
seller. This is because, in the sellers eyes, the fact that you are Pre-Approved is almost the same
as you being a cash buyer, which to the seller means less uncertainty that the deal will fall through
due to financing problems. And accordingly, the seller will be more comfortable in taking their
property off of the market and out of reach of other potential buyers, as they accept your offer.
Pre-Apply at Pre-Apply.com!
When you Pre-Apply you are doing yourself the biggest favor in the world! AmeriStar recommends
that you Pre-Apply for your mortgage if you are in the market to buy a home. That's exactly the
concept behind our website, Pre-Apply.com: Giving you the power of a Pre-Approval. Feel free to
contact your AmeriStar Loan Officer today to discuss it further, and find out how easy it is to
Pre-Apply and get the leverage you need to negotiate your best deal!
back to FAQ
Pre-Apply.com is a service of AmeriStar Home Mortgage, Inc. Information is deemed reliable but not guaranteed,
and is subject to change at any time. Use of this site for informational purposes, and does not constitute a
commitment to lend. Equal Housing Lender. © 2007AmeriStar Home Mortgage, Inc.
and is subject to change at any time. Use of this site for informational purposes, and does not constitute a
commitment to lend. Equal Housing Lender. © 2007AmeriStar Home Mortgage, Inc.
or call toll-free 1.877.PRE.APPLY
(1.877.773.2775)
(1.877.773.2775)
| 877.PRE.APPLY |