How to get pre-qualified for a mortgage loan?
A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. However, loan officers do not make the final approval. Therefore, even if you pre-qualify, you are not granted a commitment to lend just yet. After the loan officer determines that you pre-qualify, he/she then issues to you a pre-qualification letter. This pre-qualification letter is used when you are making an offer on a property. The pre-qualification letter indicates to the seller that you are qualified to purchase the home you are making an offer on.
