Housing Crash Central: News on Housing Bubble

What Do You Need for a Preapproval?

Posted from The Mortgage Porter 96 days ago
Housing Crash Central : Credit Crunch and Mortgage News

If you're considering buying a home, many real estate agents and/or sellers will require a preapproval letter. A preapproval letter is different than being "prequalified". Being prequalifed means that you have provided verbal information to a mortgage origintor to get an idea of what you qualify for. Being preapproved means that you are providing documentation that supports the information you have provided. Income, employment, assets and credit are verified for a preapproval. Some preapproval letters aren't worth the paper they're written on. Especially if the mortgage originat... (original story)