Hi,
How could I get a prequal letter right now? Making offer tomorrow morning. Lot 65% under market value.
For traditional financing, you simply need to do a credit application with a trustworthy lender, and they should be able to provide a pre-approval within 24 hours, if not same-day.
Note there is a difference between a prequalification letter and a preapproval letter. A prequalify letter is simply an estimate that you will qualify for a certain loan based upon verbal representations. It is hardly worth the paper it is written upon, but if your seller will accept this then you are in luck. A preapproval letter on the other hand actually involves pulling your credit report and performing a limited underwriting of the anticipated deal as rbaxter indicated.
Thank you!