Are You Putting The Cart Before The Horse|Mortgage Pre-Qualification versus Pre-Approval

 I had a call from a client that wanted to purchase a home with a Veteran Home Loan.

After review of the credit report, the income to debt ratios (the numbers we use to actually caclculate buying power) were too high for VA Loan Approval based on the prospective property.

But the wife had just "fell in love with the home".....so we found a very creative solution which I will share in another post.

The buyer stated please send us the Mortgage Preapproval Letter and I'll send you my income, taxes, and asset information if we win the contract.

Not so fast ,what we did was a mortgage pre-qualification there is a little more involved with a mortgage pre-approval.

Here is a short video to learn the difference between Mortgage Pre-Qualification and Mortgage Pre-Approval with your Woodbridge Mortgage Lender.


 

Need a Mortgage Pre-Approval worth more than the paper it's written on contact Markita Woods @ 703-497-3936, email markita@weststarmortgage.com or visit www.queenofmortgages.com.

 

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

www.queenofmortgages.com

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Comment balloon 1 commentMarkita Woods NMLS#196099 • February 18 2012 07:49AM

Comments

Great video on credit approval.  Pre-qualification apparently only eliminates the obvious clients with bad credit scores.

Posted by Edward & Celia Maddox, EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD (The Celtic Connection Realty) over 6 years ago

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