Loan Application Process

Mortgage: Pre-Approval vs. Pre-Qualification

Before the crash, it used to be easy. You called a loan officer, told them what you made and what you owed and BAM! they sent you a pre-qualification letter.

Then came the CRASH and the huge losses when values plunged and people could not afford the homes they purchased. They could not sell for enough $$ to pay off the mortgage companies [...]