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Pre-Approval and Pre-Qualification: Which Letter Holds the Most Home-buying Power?

For many home buyers, the difference between a pre-qualification letter and a pre-approval letter is as clear as mud. While shopping for a home does not require the home buyer to have either of these letters in hand, knowing which letter will best suit the purposes of the home buyer can lend a wealth of information and buying power to the prospective home buyer. Home buyers with a proper letter tend to receive greater care and better treatment from the home sellers. , one of the bestreal estate companies in Dallas can help you.
Pre-qualification Letter
A pre-qualification letter is one of the simplest documents to obtain from a mortgage lender. The prospective buyer will set an appointment with a mortgage loan company. At the appointment, the loan officer will ask simple questions about income, debt and savings. The answers to these questions will render a quote, of sorts, as to how much the buyer can afford to spend. There will be no verification of income or credit …

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