Pre qualification letter

[Juan Alvarez]

Please explain the pre qualification process on a loan. I currently filled out a questionnaire from a broker but now he is asking to completea , “document checklist with a list of documents needed for your loan qualification once you find a house. “ can I submit that even though I have not started looking? I thought that was purpose of a pre qualification letter; to Show an agent proof that you qualify. Please clarify. Many thanks.

[Chris Mason]

Originally posted by @Juan Alvarez:

@Wayne Brooks but why did he ask me to Provide that information once I find a home? I thought the purpose was to have the pre approval so you can start house hunting??

 Some lenders only offer prequals. 

The problem with this is that prequals are useful primarily as toilet paper, since they are based on stated credit stated income stated assets, etc, and the year isn't 2006 any more.

If a lender isn't willing to do a full doc preapproval, I'd put them in the "refinance only" bucket.