When you’re getting ready to buy a home, there are three levels of loan approval that you can go through:

Pre-qualification: This can be completed after a simple telephone conversation and is given based on conversation.

Pre-approval: This actually involves a credit pull and turning in some income and asset documentation.

“Pre-qualification can be achieved by a simple phone call.”

Full credit underwriting approval: This is an approval with a full application, credit report, income and asset documents, and it’s vetted by a professional underwriter. This level of approval is critically important to having success in a hyper-competitive housing market like ours. If you aren’t working with a loan officer who is getting you a full credit underwriting approval, you need to find a new one.

If you have any questions for us about loan approval or anything else related to buying a home, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.