Conditional Approval Letter -- Is this Pre-Approval letter? - 未名空间MITBBS历史存档

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Conditional Approval Letter -- Is this Pre-Approval letter?

Conditional Approval Letter -- Is this Pre-Approval letter?# Living

h*d2010-07-14 07:07

1 楼

My husband got a letter from the BOA. The letter was titled "Re: Conditional
Approval" and I wonder if this is what's so called Pre-Approval letter? I
still don't know the difference between Pre-Approval letter and Pre-
Qualification letter. Can someone kindly explain?
Thanks a ton!!!

r*d2010-07-14 07:07

2 楼

Pre-approval is used to show the seller that you are qualified to buy a
house. Conditional Approval is saying that your loan is almost done by
sending in additional documents.

h*d2010-07-14 07:07

3 楼

Thanks for your quick reply!
From your words I see conditional approval is stronger. Can I make this
statement?
But we didn't talk in detail and the mortgage rate is NA.

r*d2010-07-14 07:07

4 楼

You guys could be using different terminology form California. I guess
conditional approval is equal to pre-approval letter in your place.

【在 h*******d 的大作中提到】

: Thanks for your quick reply!
: From your words I see conditional approval is stronger. Can I make this
: statement?
: But we didn't talk in detail and the mortgage rate is NA.

h*d2010-07-14 07:07

5 楼

Thanks. Yes I am in California.

L*n2010-07-14 07:07

6 楼

Does the pre-approveal letter needs to run credit report? Do you pay for
this pre-approval letter?

【在 h*******d 的大作中提到】

: Thanks. Yes I am in California.

r*d2010-07-14 07:07

7 楼

Yes, credit check is a must. (around 20 bucks)

h*d2010-07-14 07:07

8 楼

Yes the bank ran the credit check but we didn't pay for it.
And somebody told me the credit score will be lowed for about 10-20 for a
credit check.

【在 L****n 的大作中提到】

: Does the pre-approveal letter needs to run credit report? Do you pay for
: this pre-approval letter?

r*e2010-07-14 07:07

9 楼

You got Preapproval letter. As we know, everything changes every second, so
does our financial situation. Nobody will loan your money if your there is
significant material change in your financial situation. So they will loan
you the same amount of money as long as you can keep the same W2, credit
score,liability and asset,etc.