What is a Pre Underwritten Approval or mortgage commitment? |
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1-888-LESS TWO |
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Traditions mortgage—port saint lucie mortgage—port saint lucie mortgages |
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Prequalification |
What is a Prequalification? |
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A Pre qualification is an educated opinion by a competent mortgage professional regarding your ability to qualify for certain loan programs. A Pre qualification is done by choosing the Short Application on our Apply now page as soon as you register your name. Under the Fair Credit Reporting Act, no one can be denied the opportunity to apply for credit. If you are planning to purchase a home within the month to a year, then a prequalification is for you. The information required is reduced from that needed in a mortgage application. The short Prequalification form will ask information needed for you to obtain a “prequalification letter” required by most Real Estate professionals. This is available at no cost. Click HERE to get Pre qualified |
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A Pre Underwritten Approval means that the lender is telling you they have approved you in full for financing for a specific dollar amount and loan program after you have made a complete mortgage application. All you would need to do after you receive a Pre Underwritten approval is find the home you wish to buy that meets the limits of the approval. This type of approval makes you a “cash buyer” and helps you considerably as you negotiate with the seller. A prequalification is done by choosing the Long Application on our Apply now page as soon as you register your name. A Pre Underwritten Approval makes you a strong negotiator because you are fully approved and have the “edge” over those buyers that have yet to start the process of mortgage application. A Mortgage Commitment is the same as a Pre underwritten approval EXCEPT that it is a full approval based upon you having a specific property already under contract—that means we have also done an appraisal on your behalf. A Mortgage Commitment is required by a real estate contract within a certain time frame. Get started now and make it an easy experience. If you are actively purchasing a home in the next month or less—you need to do a full application for mortgage now as it will speed up your ability to move into the new home and will make you a super strong buyer—it could save you thousands in price negotiation. Click HERE to get a Pre Underwritten Approval or to Apply for a mortgage to get a mortgage commitment.
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Time to get approved |
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772-344-8200 1-888-537-7896 1-888-LESS TWO |
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To contact us: |
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Pre Qualification vs. Pre Approvals |
