Preliminary Loan Application: Fill & Download for Free

Dear Pre-Approval:I am aware of three (3) types of pre-approval letters.The first is prepared by your loan officer, and it is really nothing more than a prequalification letter, subject to underwriting review and actual approval of your eligibility. The letter sometimes meets requirements of purchase and sale agreements, but likely it will need to be replaced with an actual approval.The second is prepared by the underwriter reviewing your loan application, and it can be based on a review of the Fannie Mae Desktop Underwriter approval or the Freddie Mac Desktop Originator approval. This is an approval based on an underwriting analysis of your credit, income as represented on the loan application, and sometimes review of docs you may have had the foresight to bring with you when you submitted your loan application to the loan officer originator.The third is prepared by the borrower for a real estate agent or broker pursuant to a requirement in a purchase and sale agreement, and for lack of a better word is generally written as a fraudulent document. But it does exist, so to be fair, I am including it here.It is worth noting that any form of pre-approval letter is going to always be subject to final verification and approval of the information and documents submitted, and would in any event be subject to conditions. So to the extent it is always subject to conditions, any pre-approval letter is not actually pre-approval of anything. It is just preliminary approval, subject to review and approval.Good luck.

If you mean “how do I get hard money lenders to loan on property I want to buy”, the best way is to work with a mortgage broker who will have a list of hard money lenders and know what kind of loans to present to each lender.The mortgage broker will take your loan application, order a credit report and an appraisal on the property, a preliminary title report, verification of your bank accounts and income - and then submit a complete loan file to a hard money lender to be underwritten.Hard money lenders typically do not meet directly with loan applicants and make their lending decisions based on a complete loan application file - and do not listen to verbal “pitches” from loan applicants.

There’s often some confusion between a “pre-qualification” and a “pre-approval”.If you are “pre-qualified” by a loan officer and a letter of pre-qualification is issued this only means that in the loan officer’s opinion the potential buyer would qualify for a certain mortgage amount - but there has been no written loan application that has been formally underwritten. A “pre-qualification” has little weight and is normally issued awaiting a formal written loan application, a credit report received, income has been verified, as well as bank deposits.A “pre-approval” carries far more weight in that the potential buyer has filled out a loan application, a credit report has been received and income and bank deposits have been ordered - and the file has been underwritten and a letter of “pre-approval” has been issued by the lender - subject to a purchase contract, a formal appraisal of the property and a preliminary title report.