Loan Pre-Approval : Lake Lure Blog
Lake Lure Blog
Jodi Neal - Sylvan Properties
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Loan Pre-Approval

by Jo Neal on 02/04/11

In todays Real Estate Market it is necessary to be Pre-approved instead getting a pre-qualification letter, as there is no loan guarantee with pre-qualification. Pre-qualification is based on a basic review of the buyer’s finances. This gives a general idea of what is affordable. This does not require a formal loan application. Pre-qualification is non-binding and is useless.

Pre-approval involves filling out a formal mortgage application, which you should be able to do at no cost. To get pre-approved for a mortgage your credit score at a minimum must be above 650. If you want the best rates, strive to improve your score to the 760 level or better.                                                               To be continued:

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