That's right, Not all Pre-approvals are the same! As a matter of fact, some aren't worth the paper they are printed on!! I know you may think that is a bold statement, but I have seen approval letters written for clients where the lender never even ran their credit! How can they possibly be pre-approved??
Another favorite question I ask those who have been approved is "Did you supply copies of your paystubs, w-2's, and bank statements?" Do you know how many have supplied proof?? Almost NONE!! Or, many times I have met a new client who was approved somewhere for a particular number but had no idea what their payment was going to be, or even how much they needed for closing costs. If you are going to get pre-approved, please make sure your getting pre-approved the right way.
When I approve my clients, we go over the down payments, monthly payments, closing costs, options for paying points, tax advantages of owning, and I will even send them to a real estate agent that will help them structure a contract that benefits them!! Then I issue a loan approval and they go shopping for a home. This way there are no surprises!!
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