Am I Approved Or Only Pre-Approved?

Dated: August 31 2020

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Am I Approved Or Only Pre-Approved? Am I Approved Or Only Pre-Approved?

In the past (before 2006), borrowers could make offers on houses with nothing more than a note from their lender stating they’ve been pre-qualified. That meant the lender spoke to them and thought they were a pretty good bet. Later, lenders began to pre-approve borrowers. That meant they’d gone beyond a friendly chat and actually pulled the buyer’s credit report and looked at their loan application. But a pre-approval was still just another way to say that someone looked like a pretty good bet.

Fast forward to today, and many borrowers are being encouraged to be fully approved before going house-hunting. A full approval means that the lender has already sent documentation (tax returns, etc.) to the underwriting institution, and has confirmed that a buyer will get the loan…as long as nothing changes at the last minute and they can find a house. The real advantage to the borrower is that being fully approved makes them almost as good as a cash buyer.

Call us today for the name of a mortgage advisor who will help you get your approval letter in hand. Albert and Lynn Alvarez – 704-957-2232 | 704-975-2429

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Albert & Lynn Alvarez

Unparalleled Customer Service! Meet The Ally Group team member, Lynn Alvarez. You need an educated, caring and knowledgeable real estate professional who stands by you through the whole process. Tha....

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