Do you know the difference between being prequalified or preapproved for a mortgage? This short video reviews the importance of being preapproved.
If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automatic underwriting i.e. a computer). One way to make sure you have been fully underwritten is to ask your mortgage professional for the underwriter’s name…if they say “Fannie Mae” or “Freddie Mac” – that’s actually the automated underwriting system that lenders use. 😉
Being fully pre-underwritten not only helps to provide you with peace of mind with your loan approval, it also helps to expedite your closing AND may also help your offer be accepted over other offers with a weaker approval status.
If you have any questions or if I can be of any assistance, please reach out to me!
I can really see where the digital pre-approval could give a buyer’s offer an edge with the listing agent and the sellers. Smart service for buyers!
Thanks so much, Di! I am really excited to offer this service to our buyers.