Quicken Loan Pre-Qualified letter

[Aznmomma2]

Hello everyone,

  So I received something in the mail the other day that is like a sign from the universe but still has me thinking hmmm...

  My husband and I are in the midst of cleaning up our credit and saving money to buy a house. In the interim I have been reading up on home buying as this will be our first time and we know NOTHING about it - learning about the process, terms, etc.  Well yesterday a letter from Quicken Loans arrives in my mailbox addressed to my husband saying we are "pre-qualified"for an FHA loan! WHAAT?!

  Now this past April I spoke with a realtor and banker just to see where we were at and what our next steps should be. We decided to wait and put in more work  - and that was that.

  So about this Quicken Loans pre-qual letter... Is it a marketing ploy...

[HoldingOntoHope]

Yes. Unless you have made contact with them, allowed them to pull your credit and provided all of your financial data then it is merely an offer to apply. Much like credit card solicitations where they go to the bureau and say "Give me a list of people who have a credit history greater than 2 years and no defaults in 12 months". They have no idea if you are truly qualified but you met their screening criteria.

[Aznmomma2]

That's what I thought...thanks for the info!