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3900 S Stonebridge Suite 804, McKinney TX 75070
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Getting Qualified

Get Qualified Before Home Shopping

This Is A Necessary Component

When a seller accepts an offer, they want that deal to go through.  Therefore, most sellers want to see some sort of up-front approval.  Remember, you want to put your best foot forward when making an offer. It will make the process that much smoother!

See below for the difference in qualifications prior to submitting that offer on your dream home.

Pre-Qualified

Pre-Qualification

A Pre-Qualification, verbal or written, is the simplest form of the process but is also the least favored when it comes to submitting the offer.  The reason for this, is because it takes about 5 minutes to obtain and the lender issuing it usually asks basic information and nothing is verified.  This type of pre-qualification is a great place to start but we recommend getting a pre-approval.  As a buyer put yourself in the seller’s shoes, would you accept an offer for a maybe?

Take the time before the offer process to get a pre-approval.

Pre-Approved

Pre-Approval

A Pre-Approval, outside of a pre-underwritten file, is a bit more in depth and the best letter to provide with your offer.  The pre-approval means the lender has looked at your credit, reviewed your income & assets and has ran your file through a system called Desktop Underwriter.  From there the lender may ask for a few more detailed pieces of information and issue the letter.

This will present you in the best light possible and strengthen your offer.

Approved

Pre-Underwritten 

A Pre-Underwritten file is the strongest of the “pre’s”.  This type of approval is more in depth and has a higher likelihood of being closed.  The lender, when working with you, will go in depth on your application.  Just like the pre-approval, they will/may ask for all your assets information, your income for the past two months, possibly tax returns and any other information need to approve your application. This in turn is sent to the underwriting team and given a conditional approval.  The conditional part is usually the property type and appraisal.

This type of qualification is the best but can also take a bit more time to accomplish in a fast paced market.