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Old 06-01-2015, 09:32 AM
 
125 posts, read 510,251 times
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Where on Earth can you go these days to get a preQUAL..? Do prequalification letters existÖ or only preapproval letters? I understand that preapproval letters carry more weight than prequals, etc. Ė but at this point Iím only trying to get a prequalification doc for a specific purpose. Iíve gone to big banks (Chase, Wells, etc.) and they all want to pull my creditÖ same with mortgage brokers, etc. I get it for the preapproval process.. but for prequal canít I just enter some info and it gives me something and just states that itís all obviously pending on the accuracy of the data that Iíve provided?
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Old 06-01-2015, 09:40 AM
 
Location: Lakewood Ranch, FL
5,113 posts, read 7,639,834 times
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If you have Grow Financial, I know they do pre-qual letters but I think they are local to the Tampa area. I just Googled "Atlanta pre-qualification" and a number of places popped up.
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Old 06-01-2015, 10:29 AM
 
10,265 posts, read 6,491,094 times
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Quote:
Originally Posted by AtlantaGal View Post
Where on Earth can you go these days to get a preQUAL..? Do prequalification letters existÖ or only preapproval letters? I understand that preapproval letters carry more weight than prequals, etc. Ė but at this point Iím only trying to get a prequalification doc for a specific purpose. Iíve gone to big banks (Chase, Wells, etc.) and they all want to pull my creditÖ same with mortgage brokers, etc. I get it for the preapproval process.. but for prequal canít I just enter some info and it gives me something and just states that itís all obviously pending on the accuracy of the data that Iíve provided?
Have you tried online?

Sounds like you have bad credit and you want to use it to fool someone into thinking that you don't have bad credit because you have a prequalification letter.

Otherwise what's the point?
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Old 06-01-2015, 10:41 AM
 
125 posts, read 510,251 times
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Originally Posted by so954 View Post
Have you tried online?

Sounds like you have bad credit and you want to use it to fool someone into thinking that you don't have bad credit because you have a prequalification letter.

Otherwise what's the point?
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!
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Old 06-01-2015, 10:47 AM
 
Location: Denver CO
18,975 posts, read 10,032,914 times
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It seems silly to me since they are essentially meaningless so if the realtor isn't insisting, why bother. But if you want, you can do an online prequal. Here's one with Chase.

https://www.chase.com/mortgage/home-...-qualification
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Old 06-01-2015, 10:51 AM
 
125 posts, read 510,251 times
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Originally Posted by emm74 View Post
It seems silly to me since they are essentially meaningless so if the realtor isn't insisting, why bother. But if you want, you can do an online prequal. Here's one with Chase.

https://www.chase.com/mortgage/home-...-qualification
Different strokes, different folks... thanks for the link to Chase, but that pre"qual" actually is more of a pre-approval... asks for Social, etc.

Thank you, though.
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Old 06-01-2015, 12:05 PM
 
Location: Lakewood Ranch, FL
5,113 posts, read 7,639,834 times
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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.
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Old 06-01-2015, 12:43 PM
 
533 posts, read 546,621 times
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I met a would-be buyer the other day, with a very strong PreQual letter.

It said he recently moved next door to a BofA...& now his assets next to $10 million (subject to verification).
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Old 06-01-2015, 12:48 PM
 
10,265 posts, read 6,491,094 times
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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!
Haha, you should have said that in the first place. Why not just see the place, prequalifications mean basically nothing as far as realtors go. Plus a hard inquiry will only lower you a point or so. Mine only went down a point and I have had several hard inquiries, if it's all within a certain time frame it does not count against you.

I have excellent credit, over 800 with all 3 agencies. 5 points below the max you can get with Experian. The thing is I know that other on here do not and when someone asks about doing something funky and won't explain it there usually is a nefarious explanation for it.

So when a person wants to get a worthless document when someone tells them they don't need a valid one it seems silly and a waste of time. haha
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Old 06-01-2015, 01:42 PM
 
125 posts, read 510,251 times
Reputation: 48
Quote:
Originally Posted by so954 View Post
Haha, you should have said that in the first place. Why not just see the place, prequalifications mean basically nothing as far as realtors go. Plus a hard inquiry will only lower you a point or so. Mine only went down a point and I have had several hard inquiries, if it's all within a certain time frame it does not count against you.

I have excellent credit, over 800 with all 3 agencies. 5 points below the max you can get with Experian. The thing is I know that other on here do not and when someone asks about doing something funky and won't explain it there usually is a nefarious explanation for it.

So when a person wants to get a worthless document when someone tells them they don't need a valid one it seems silly and a waste of time. haha
ok
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