Can I get Pre-qualified or Pre-approved for a home purchase loan before Ive found a property?
Absolutely. However, you should not confuse a pre-approval with a pre-qualification process. During the pre-qualification process, we will ask a series of question and complete your loan application. The pre-approval process is much more complete. During a pre-approval we will obtain all support documentation necessary, submit your loan package to the lender and obtain a commitment to lend. The only items left for the lender to approve would be the appraisal and title report on the property. When you are pre-approved, you essentially become like a Cash Buyer and have more negotiating leverage with the seller due to the fact you have a commitment to lend from a lending institution.
