Lender Infomation

Lender Infomation

Pre-Qualified vs. Preapproved: What’s the Difference?

Pre-qualification and preapproval sound similar, but typically Preapprovals carries more weight.  So, submitting an offer with a preapproval letter from your lender will put you ahead of buyers with only a pre-qualification.  

What is mortgage pre-qualification?

Pre-qualification tends to refer to less rigorous assessment of your finances.  Although the application processes may vary by lender, you can get pre-qualified over the phone, online or in person and some lenders may do a credit check.

Generally, in the pre-qualification phase, you provide the lender with information about your credit, debt, income and assets, without showing documentation.

Based on this overall financial picture, the lender will provide you with an estimate of how much you may be able to borrow.

As a result, an offer based on a prequalification may be less accurate or certain than an offer based on a preapproval.  This step is often good for buyers who may not be ready to buy just yet but would like to get an idea of their financial readiness while getting introduce to various mortgage options.

 
What is a mortgage preapproval?

A mortgage preapproval takes the process to the next level.  A preapproval can require you to provide more personal and financial information, along with proof of your financial history and stability.  You will provide lender with forms such as a current paystub,

W-2’s to verify your income and employment, a summary of your assets and debts such as your total monthly expenses and have your credit report pulled.

 

If you satisfy the lender requirements, a preapproval letter, which states the amount and type of mortgage the lender is willing to offer, along with the terms will be provided to you to show the sellers and their real estate agents when placing any offers on homes.

A preapproval offer isn’t a guarantee, but it shows you’re a serious buyer, which can give you leverage in a competitive market.

Lender Infomation

Gold Financial Services

Terrence Butler | Branch Manager NMLS# 225873

O: 210.366.1070 | M: 210.372.3916 | F: 210.888.0999

Email: Tbutler@goldfinancial.com
2822 N Loop 1604W, Ste. 101 | San Antonio, TX 78248


Sonia Erazo | Loan Originator NMLS# 228118

O: 210.366.1070 | M: 210.860.7720

Email: serazo@goldfinancial.com
2822 N Loop 1604W, Ste. 101 | San Antonio, TX 78248

Krystal Rios | Loan Originator NMLS# 1796619

O: 210.366.1070 | M: 210.365.4313 | F: 800.881.9174
Email: krios@goldfinancial.com
2822 N Loop 1604 W, Suite 101 | San Antonio, TX 78248

Lender Infomation

Legacy Mutual Mortgage

Sonja Juarez – Loan Officer NMLS# 1079107

O: 210-999-5953 F: 210-568-6681

Email: Sonja.Juarez@legacymutual.com

3503 Paesanos Parkway, San Anonio, TX 78231

 

Linda L. Rudd, CFP® - Vice President/Senior Loan Officer

NMLS#219069

O: 210-999-5935  M: 210-508-2853  F: 210-569-6156

Email: LRudd@legacymutual.com

3503 Paesanos Parkway, San Anonio, TX 78231

Lender Infomation

Jefferson Bank

Sarah DeLeon - Loan Officer NMLS# 554256

O: 210-736-7274

Email: sdeleon@jeffersonbank.com

7666 Bandera Road, San Antonio, TX 78238

 

Keri Moses – Vice President, Mortgage Lending NMLS# 288357

O: 210-736-7808

Email: kmoses@jeffersonbank.com

6015 Broadway, San Antonio, TX 78209