Pre-Qualification or Pre-Approval?

212 Mortgage Group Inc. is a registered third party mortgage broker in the State of New York and therefore cannot issue a pre-qualification or pre-approval.  Additionally, A pre-approval letter is not a loan commitment or a guarantee for loan approval. A mortgage loan commitment is issued after the submission of a formal application and supporting documents to a lender.


With pre-qualification, we work with you to determine the maximum loan amount you may qualify for, based on your current income, debt and other financial factors, like your credit report and history. Pre-qualification is an informal process that requires no official documentation apart from your credit report.


Pre-approval can give you an advantage over other potential buyers because it proves to sellers that you’ve got financial backing through your lender. Pre-approval is backed by official documentation, such as your paycheck stubs, tax returns, bank statements and employment verifications to obtain an actual monetary commitment letter from a lender. When approved, you’ll receive an official letter of commitment.
Your pre-approval letter signals to the seller that there will be few, if any, snags to the purchase (such as the “falling through” of financing), and that the whole process will be smoother, shorter and more seamless if they accept your offer.