I have just been prequalified at to lenders. One prequal for 8 thousand more than the other. does this mean I may have a good chance in getting the loan once a officially apply?
Prequalified just basically means you are qualified to apply with them, but so is everyone else What type of loan are you talking about?? personal, mortgage, car etc??
I think it would be safe to say not to rely on that statement as it's prob the same marketing tactic used as you get from one of those CC mailings.
Prequalified means that you will probably be approved for a mortgage of some type. The dollar amount diference could be based upon one going FHA and the other conventional. Generally what a mortgage broker does to pre-qualify you is to pull a single bureau and look at it to see if there are any glaring major problems that show up...like a recent BK or foreclosure. If nothing shows, then you can be prequalified. It doesn't mean nothing, but it is just the first small step in the process of getting approved for a mortgage. Hope this helps. fla-tan
Fla-Tan, I think it was you I talked to about my student loans, Any advice on them. I have so much information in my head and on paper. Shortly the only derogs will be 7/8 student loans and 3 positive tradelines. Any suggestions? I was thinking to apply for something once I have just them showing the SL that is and if denied talk to the CSR and say they are in rehab can you give me a break. What do you think. Also was it you that said you have seen US of ED loans be rehabed in around 3 or 4 months
