Pre-qualification v. Pre-approval

We ensure our members are set up to become successful homeowners from the very beginning of the home buying process. At Blaze Credit Union we have three different letters that we can provide to borrowers.

Our goal with providing these letters is to make sure our members are confident they are qualified and will not experience any major setbacks after a signed contract is received. Buying a home can be stressful so knowing that our member's application has been reviewed will hopefully make it as stress free as possible.

Pre-qualification

This letter can usually be issued after the initial meeting or conversation with your Blaze Mortgage Loan Officer. At Blaze, when a pre-qualification letter is issued, it’s based on credit, stated income, and assets. This will give members an estimate of what they will qualify for. At this point, we have not received any documentation to verify income or assets.

When this letter is sent, the loan officer will also send a request for documentation needed for a pre-approval. This will vary per situation but typically it will include paystubs, W2s, and financial statements.

Pre-approval

Most real estate agents are going to require a pre-approval letter prior to looking for homes. A pre-approval 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 1 to 2 business days of receiving documents.

Underwritten pre-approval

At Blaze, we also offer a fully underwritten pre-approval letter. This letter means that a Blaze underwriter has reviewed the tri-merge credit report, verified the qualifying income, and verified assets being used in the transaction.

This is the strongest letter Blaze can provide and it ensures that our members making offers will not experience setbacks after a signed contract is received. This letter typically take 1 to 3 business days for review once all documents are received.