Thanks for your quick reply. I'm sorry it took a bit....I had to type my response. :) Thanks for your patience.
You are actually better off with the pre-approval letter than a pre-qualification letter. So, even if the pre-qualification box was checked, it they gave you a pre-approval letter, they would have satisfied that requirement because a pre-approval letter is the second state of qualifying for financing while the pre-approval letter is the second. What you really need is a commitment letter, but they really can't get that until they have the specific house under contract. Pre-qualifying is very preliminary. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage
amount for which you qualify. Pre-qualification can be done over the phone or on the internet, and there is usually no cost involved. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. Getting pre-approved is the next step, and it is much more extensive, requiring an official mortgage application and supplying the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. From this, the lender can tell you the specific mortgage amount for which you are approved. The preapproval means you have a conditional commitment in writing for an exact loan amount. Far better than a pre-qualification letter. :)
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