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Three words that look alike and are not worth the same

A listing agent on a well-priced home reads the letters before the prices. Here is what each rung on the ladder actually proves, and what we put inside ours so it holds up.

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Pre-qualification
About 15 minutes
Pre-approval
Usually same day
Underwritten approval
2 to 4 business days (sample)
A real estate agent reviewing paperwork outside a listed home
Offer dayA shorter financing contingency is often worth more to a seller than a higher price

The three rungs

Pre-qualification

Weakest

What it is based on
A conversation. Stated income, stated debts, sometimes a soft credit pull.
What it proves
That you have spoken to somebody about a mortgage.
What a seller thinks
Almost none in a competitive situation. Listing agents in this market can tell the difference at a glance.
Time to get it
About 15 minutes

Pre-approval

Standard

What it is based on
A full application, a hard credit pull, paystubs, W-2s, bank statements, and a run through the automated underwriting engine.
What it proves
That a lender's system has approved your income, assets and credit, subject to a property and a final underwriter review.
What a seller thinks
The normal expectation with any offer. Ours names the panel lender, the program and the maximum payment you approved, not just a price.
Time to get it
Usually the same business day once documents are in

Underwritten approval

Strongest

What it is based on
Everything above, plus a human underwriter has read the file and issued conditions before you have a property.
What it proves
That the only remaining conditions are the property, the appraisal and the title work.
What a seller thinks
Lets you write with a shorter financing contingency, which is often worth more than raising your price.
Time to get it
Two to four business days (sample)

What goes inside our letter

Most pre-approval letters are one paragraph with a number in it. Ours names the lender and the program, because that is what tells an agent somebody has actually read the file.

The lender, named
Tells the listing agent which appraisal standard and turn time apply.
The loan program
An FHA offer and a conventional offer carry different property conditions.
The date documents were reviewed
A letter written from a conversation reads differently from one written from paystubs.
Your maximum comfortable payment
Two homes at the same price can carry very different payments once dues, taxes and insurance land.
The offer price, not your ceiling
A letter showing $60,000 more capacity than you just offered is a negotiating gift.
A direct mobile number
Answered by the originator who wrote it, not a call center.
House keys handed over at closing
One per offerWe issue a letter per property at the offer price, not one letter with your maximum on it
  • Day oneApplication, documents and a hard credit pull. We run both agency engines.
  • Same dayA full pre-approval letter you can write offers on, in most cases.
  • Day two to fourUnderwritten approval where the file warrants it, so the financing contingency can be shorter.
  • Every 90 daysRefreshed without charge, tied to the age of your credit report and income documents.
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About the process

Not covered here? Call (505) 555-0135 or send us a note. Se habla español.

Our median from contract to clear-to-close is 22 business days on a straightforward purchase (sample). Renovation loans, USDA and jumbo files with two appraisals take longer, and we tell you which bucket you are in before you agree contract dates.

Tell us before you do anything. Lenders re-verify employment shortly before closing. A move within the same field is often workable on an offer-letter program, but a surprise is what kills files.

New credit accounts, large purchases, cash deposits, moving money between accounts without telling us, and co-signing for anyone. Furniture can wait three weeks.

Constantly. Agents get a direct mobile number, same-day pre-approval letters and a one-page lender letter for listing agents. See the realtor partner page.

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