My husband and I just received word that we are prequalified for a mortgage. Is this something to be happy about? I've heard so many mixed messages about prequalified & preapproved. They pulled our credit reports and seem to think everything will go smoothly. Any information is apprecitated.
Prequalified means almost nothing. I always look at prequalification for anything to be a scam just to get you to apply. Pre-approval is what you need to go house-hunting with. Not to burst your bubble, but don't get too excited over a prequal.
So what do I do? I was left a voice mail message so I haven't spoken to them yet. Can I ask to be pre-approved before I start looking for a home? I don't want to find my dream house & then not be approved....
Are you sure they ran your credit for the prequal? Usually a prequal is based on info you provide them. Tell them you want pre-approval. They will have to pull credit and go through the process. Others here are more familiar with what that process is.
Hey Stef - tmitchel is right. Try and get the preapproval if you can. If anything, you'll know right away if you qualify. If not, then have the mortgager tell you what you would need to do to get there. I know what you're going through. Wife and I are constantly debating on whether to buy now or wait a few months and get everything in order... GT
I'm not 100% sure...I haven't spoken to the person I'm working with, he left a message for me. When I was giving him the information, he did say that they would pull our reports and asked for any negative information before hand....I guess I should just be patient & wait to get all of the information from him but I'm like a child at Xmas right now. Thanks.
