What Is a Mortgage Pre-Qualification Letter?

Chris at Hauseit (https://www.hauseit.com) demystifies the concept of a mortgage pre-qualification letter in real estate. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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A mortgage pre-qualification letter is a much more informal letter from your financial institution such as your local bank where you intend to procure a mortgage from. You can get one easily from a simple 10 to 15-minute phone call with your mortgage banker. No verification of documents is necessary, and you don't need to send anything to your mortgage banker.

You essentially give a verbal overview of your financial situation to your mortgage banker, and based on what you tell them with no verification they will then send you a mortgage pre-qualification letter. You can use this when requesting showings, so listing agents at least have an idea of what you're qualified for in terms of a loan and whether you can afford a property. Keep in mind that this isn't as strong as a mortgage pre-approval letter where the mortgage banker has already vetted some of your financials such as W-2s, and it's much more credible.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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