how long do it take to get pre qualified for a home loan?
iam waiting .
- 1 decade agoFavorite Answer
I can get you pre-approved in 30 minutes. Call me now 1-877-205-2747Source(s): www.lendingsolutionsnetwork.com
- ReggieWjr1Lv 41 decade ago
Don't get pre-qualification and pre-approval confused; here's some info on the differences between the two:
- Pre-qualification is usually free.
- Provides and estimate of your buying potential.
- A Lender or Broker will review your credit report, earnings & savings, debt, and other information to get an estimate of the amount of mortgage the borrower will qualify for. This usually is based off of documents the borrower has on hand, or from what the borrower tells the lender.
- Takes from 20-30min to 24-48hrs, depending on the persons work load.
- Some, not all, lenders charge you the nominal cost of your credit report in order to get pre-approved.
- The lender will verify all provided information of employment, assets, and income.
- In return the lender will provide a letter of mortgage approval for a certain amount to the borrower.
- Pre-approval can also speed up the process of coming to a final purchase price with the seller.Source(s): I'm a mortgage consultant serving CA, FL, MA, NH
- bmwdriver11Lv 71 decade ago
Prequalification can take all of about 5 minutes, all it does is show you an approximate amount you might (or might not) qualify for. It also holds no weight with sellers, and doesnt really mean you can get that much money for sure- its more of a rangefinder for how much you can qualify to actually get later.
A pre-Approval is much more formal, involves actual paperwork, and does hold weight with a seller, as a lender has actually now agreed to lend you that amount of money, so the seller knows that you will actually be approved for the loan, and can close as promised.Source(s): Be very ware of answerers that look to get you to do business with them on Yahoo Answers. There has to be a reason they are trying to drum up business on here, rather than dealing with clients in their office, right?
- Anonymous1 decade ago
You can be prequalified, with a credit check and employment verification usually on the same day. Pre-qualified should not be confused with loan approval.
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- 1 decade ago
2 daysSource(s): personal experience
- 1 decade ago
Pre-qualification takes a few minutes. It requires running your credit report, finding out about your income and debts, employment and housing history and a couple of other items.
If you would like to discuss your specific scenario drop me a line.
Kevin 866-562-6838 x 106
www.firstratelending.comSource(s): Loan Officer, Mortgage Specialist