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Old 06-01-2015, 02:43 PM
 
125 posts, read 512,984 times
Reputation: 48

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Quote:
Originally Posted by bbronston View Post
It could be that different lenders have different ways of doing a pre-qual but my impression has always been that they are nothing more than a letter stating that you will probably qualify for X loan on a purchase of Y amount if everything the customer told the lender is correct and no other negatives surface. In other words, I suppose it is slightly better than nothing but essentially, in practical terms, worth only the paper it is printed on. I'd still get one if you want it but it's not exactly evidence of anything.
This is exactly what I was refering to. I've since been able to get what I need. Thanks!
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Old 06-01-2015, 04:25 PM
 
4,551 posts, read 11,589,235 times
Reputation: 3070
Quote:
Originally Posted by AtlantaGal View Post
Hahaha... sounds like you make assumptions based of off 4 sentences written in an online forum. No dear, I actually have excellent credit...

There are many points that can be made as to why someone wants a prequal vs a preapproval... perhaps you're familiar with having bad credit so that's the "point" that you jump to first. But in my instance, I don't want my credit pulled right now because I don't want a hard inquiry on my credit since I'm not 100% sure if I'm buying now versus at the end of the year. I have my eye on one particular property and although my realtor mentioned that she'd show me the property without any documentation (because she knows I have excellent credit and a nice income), I still want a prequal letter to give to her in good faith.

So take your assumptions elsewhere... thanks!
If you have excellent credit you should have no worries with regard to getting a 'hard pull' from a mortgage lender. It isn't going to hurt your score.

I could issue a pre-qual letter, but I wouldn't see the point and wouldn't want to sign anything unless I know your situation personally or have the documentation to back it.
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Old 06-01-2015, 05:27 PM
 
125 posts, read 512,984 times
Reputation: 48
Quote:
Originally Posted by TimtheGuy View Post
If you have excellent credit you should have no worries with regard to getting a 'hard pull' from a mortgage lender. It isn't going to hurt your score.

I could issue a pre-qual letter, but I wouldn't see the point and wouldn't want to sign anything unless I know your situation personally or have the documentation to back it.
Thanks. I have what I need already.

Thanks all!
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