Demystifying Preapproval & Conditional Approval

Posted by Steph Kaye on Wednesday, July 19th, 2017 at 11:14am.

DON’T GET FOOLED BY THE A, B & C’s of the LENDING GAME! 

If you’re in the market to buy or sell you’ll have to work with lending agencies that can create hope or disappointment.  All too often, the reality is that “preapproval” and “conditional approval” can be farther apart than you’d like.  First, let’s discuss – preapproval. It’s simply the information a client tells a Home Loan Expert – who then should run a credit report. On the other hand, conditional approval involves intense credit checks, submission and review of a range of financial documents (e.g., tax returns, paystubs, bank statements, utility bills, debt obligations, etc.).  A thorough review of this paperwork by a quality lender moves you closer to conditional approval.

 House money

Lang Premier Properties (LPP) believes that a working with good realtors includes the bonus of working with someone who has a high-quality network of lenders. Knowing the best of the best in the lending industry is a critical component to how LPP works. Calling and following up with lenders during preapproval stage is a crucial element to standing apart from the rest. Getting a handle on how far and legitimate the approval process has gone. Again, a quality (A) Preapproval process  moves you that much closer to (B) the Conditional Approval and then finally, and joyously to (C) Approved!!!

 mortgage approved

So remember that a solid preapproval entails working with an outstanding Home Loan Expert and a realtor who knows the way to get to those people. There are enough challenges in finding the perfect home and navigating the financial labyrinth with subpar Home Loan Experts should not be an option.  Thus, we believe strongly that working with LPP helps avoid those pitfalls and instead converts your search into a windfall of excitement and success when acquiring your dream home!

 

 

 

 

 

 

 

Photo Credits: Copyright: pricelessphotos / 123RF Stock Photo

Copyright: psphotography / 123RF Stock Photo

Leave a Comment