Getting a pre-qualification letter

I have a question for everybody reading in this lender forums.
Where can I get pre-qualification letter from?
is it from my current lender? how can I find the best one to get it??
if anyone who has done it, how did you do that?

A pre-qualification letter is something that you obtain after you have taken an application for a mortgage. If the lender decides that your file is in good shape for getting the loan, then he/she will issue you this letter of “pre-approval” for which that person is saying that you are “pre-approved” in obtaining a home mortgage…although be aware that a pre-approval is not equal to a full approval. Your application and personal info will be processed at which time the underwriter will decide whether or not your loan is approved.

Pre-approval letters are typically required by a seller of a property before they will write up a contract with you. Any lender you choose should be able to provide this letter to you provided that you meet “pre-approval” requirements.

Good luck!

Hello, Rylee is correct, for a traditional pre-approval. For a HML, I have recieved (LOI) letter of intent for my clients based on the project and without the application or credit check.

do you think i can get one from my bank or any other private lender besides HML? ??? :-*

do you guys think HML is such a good source of lending?
everytime, I caculate the number, i feel like that I am loosing so much money from high interest or fee etc… :-\

I don’t have a bad credit…

You can get a pre-approval letter from any lender that you choose, provided that you meet pre-approval requirements.

From my understanding, HML’s are a last resort…as others have mentioned. And if you do not have bad credit, then I suggest trying to do a traditional mortgage first.

Please know that in order to get a pre-approval, you will have to speak to a licensed loan officer and give an application. They will not just write one based soley off of your word. You will have to give some info for them to have a good idea of whether or not they can do a loan for you. So, I suggest asking friends or family or coworkers if they know of a good mortgage company, pick a few, and give them a call.

Best of luck!

Again, I agree with Rylee.



When making offers on investment properties, you want to show that you are a very strong borrwer since your purchase depends on being able to obtain the financing. I suggest that you find a direct lender that will approve a complete credit package for you pending the purchase and inspection of a property. This means that you will complete your mortgage application in advance by providing W-2’s…bank statements…pay stubs etc. This will also give you peace of mind and avoid those last minute “surprises” that can turn your transaction into a nightmare. If you’re all done with your personal documents, the lender can write a pre-approval letter that will be stronger than that of competing bidders and very well might help you win the bid! If the house is a good deal, you’ll have competition that you need to beat out in other ways than just price. What good is a higher bid if the borrower is weak and might not close. Seller’s often go with the more solid deal and pass on the higher offer that might not close.

Thanks for your info.
I found a lender who can work on pre-qualification process for me. So let’s see!!