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<blockquote data-quote="smcgee10" data-source="post: 1981950" data-attributes="member: 7821"><p>When we bought we got &quot;prequalified&quot; not pre approved.&nbsp; We looked for over a year.&nbsp; When we sent the offer and it was accepted, we only had less than a page of info ot update.&nbsp; The prequalified letter you get from your lender states you have already filled out the credit app and you are serious about buying.&nbsp; It also lists the max price they are willing to lend on your income.&nbsp; There were even some offers we sent did not require earnest money since we had the pre qual letter.&nbsp; We thought about buying new but decided against it.&nbsp; Do not take the pre qual letter at face value.&nbsp; Ours said we could spend up to $245K (Yeah right).&nbsp; We wound up spending $130K to stay within our budget.&nbsp; Also ask the lender if they offer any special mortgages such as FHA, rural development, native american, veterans, ... It could save ALOT of money in the long run.</p></blockquote><p></p>

[QUOTE="smcgee10, post: 1981950, member: 7821"] When we bought we got "prequalified" not pre approved. We looked for over a year. When we sent the offer and it was accepted, we only had less than a page of info ot update. The prequalified letter you get from your lender states you have already filled out the credit app and you are serious about buying. It also lists the max price they are willing to lend on your income. There were even some offers we sent did not require earnest money since we had the pre qual letter. We thought about buying new but decided against it. Do not take the pre qual letter at face value. Ours said we could spend up to $245K (Yeah right). We wound up spending $130K to stay within our budget. Also ask the lender if they offer any special mortgages such as FHA, rural development, native american, veterans, ... It could save ALOT of money in the long run. [/QUOTE]

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