“I just talked to a lender for about 10 minutes and I got pre-approved for a $550,000. That seemed a little to fast. I thought getting a loan was a little more complicated. Do you think Im really approved?”
***ANSWER:
No, I dont. Youre right to be dubious.
Theres pre-qualifying, theres pre-approval, and theres REAL pre-approval.
1. Pre-qualifying
Pre-qualifying means that based on a discussion, with little or no verification of your information (income, credit, $$ in the bank), your loan representative thinks youre likely to get a loan if everything checks out.
2. Pre-approval
This is SUPPOSED to mean youve gone through a process and actually been approved. You were approved by a human underwriter or desktop underwriting software. It typically means theyve run your credit. They may or may not verify your other information.
3. REAL Pre-approval
What I call real pre-approval is when you really ARE pre-approved
as opposed to only being pre-qualified, but your lender is fibbing and telling you that youre pre-approved.
Sounds to me like you got #2 and not #3. If youd like to really be pre-approved, give me a call and Ill get you in touch with our trusted lender .
More Information on San Diego Real Estate
