At Blaze, we ensure our members are set up to become successful homeowners from the very beginning of the home buying process. A prequalification is based on stated income and assets versus a preapproval where a borrower's income and assets have been verified. For that reason, Realtors are more likely to accept an offer from someone who is preapproved versus prequalified.
A preapproval letter is only issued by Blaze after a thorough analysis has been completed to determine eligibility. This process includes a full review of a tri-merge credit report, verification of qualifying income and assets, and utilization of an automated underwriting system.
We ensure our members are educated on what to expect throughout the mortgage process to ensure a smooth transaction for all parties. Depending on the complexity of the application this letter can be issued within one to two business days of receiving documents.
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