topic Mortgage Pre-Qualification in Mortgage Loans

Mortgage Pre-Qualification

ambivalent — Mon, 19 Jul 2021 21:30:13 GMT

Hello! My husband and I are looking to potentially purchase a new build. There are waiting lists and the builder is saying to get on the list we would have to pre-qualify and it is just a soft-pull yadda yadda. Can someone tell me the real deal on this pre-qualify nonsense, as I am against it at this point for a variety of reasons. TIA!

Re: Mortgage Pre-Qualification

NC_Mtg_Loaner — Thu, 22 Jul 2021 21:12:00 GMT

Pre-qualification letters aren't typically worth the paper they are printed on.

If you want a seller or builder to take you seriously, get pre-approved for your mortgage loan so that everyone knows your a real buyer...even if you have to use the builder's in-house lender.

If you haven't talked to a lender about your mortgage loan yet, you might be surprised. When buying a house, you don't really want to be surprised.

Re: Mortgage Pre-Qualification

WenW — Thu, 22 Jul 2021 23:22:00 GMT

Agreed with @NC_Mtg_Loaner . This was my experience recently. Sellers or Builders, they specifically asked if pre-qualified vs pre-approved. They only accepted actual pre-approval letter for all wait lists here.

Re: Mortgage Pre-Qualification

Anonymous — Sat, 31 Jul 2021 22:25:08 GMT

Pre-approval is a hard credit pull against, typically, all three bureaus. Though not always required by some lenders, send them all of your docs:

last two pay statements, last two W2s, last two irs 1040 returns, last two bank statements, and any applicable 401k/retirement accounts.

before you give the builder a deposit and all of that, you want to

make sure there are no problems.

becareful with new construction - property taxes aren't always known but can really impact your ability to get approved.

good luck.