Not only will you know your housing budget to the dollar before you start looking for a home, you'll also have more negotiating leverage because the seller knows you've already got a loan virtually in your pocket.

Pre-qualification
Pre-qualification acts as a dry run of the loan application process. We will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process takes only a few minutes.

While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.

Pre-approval
Pre-approval takes pre-qualification one step further. Once we review your credit report, your employment  and your bank accounts to verify your income, assets, debts and credit history, we then input you information into the FHA or Fannie Mae automated underwriting system and issue you an Approved/Eligible Letter.  That means you are fully approved subject to finding a property within a certian timeframe. There is no charge for this service and it does not take much longer than a simple pre-qualification..  All I ask is that once you've found your Dream Home, you give me an opportunity to earn your business.

Gain the buying edge
The advantages of a pre-approval over a pre-qualification are two-fold: you're more attractive to sellers, who needn't worry that they'll accept your offer only to have your loan turned down, and you'll save time on closing when you find a home because the lender will have already completed the necessary qualifying and underwriting steps.

Important note: Should your financial circumstances change before closing, make sure to contact me as soon as possible, as your pre-approval status may be subject to change.

Respectfully,

Jim Dunkelman