A Strong Lending Position
If you're in it to win it, you should seek the strongest financial position possible.
Here is what that looks like:
PRE-QUALIFICATION
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Typical practice of most big banks and lenders require minimal documentation or verification. This is the weakest type of approval but is a crucial first step.
PRE-APPROVAL Documentation such as tax returns, W2's, pay stubs, and bank account statements are provided and verified with a loan officer. This is the step in the process where a credit check will occur. This is a common approval type and is strong enough to begin searching for homes. PRE-UNDERWRITING At this step, all documents such as employment verification, tax records, and other borrower specific documents are verified by the underwriting department. This is by far the strongest level of approval you can receive and provides you with all the buying power when shopping.
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11 I BUYER'S GUIDE
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