Solid Offers Come With A Verified Approval Letter
Author:
Carla AyersApr 25, 2024
•3-minute read
If you’re a buyer in a competitive real estate market, you may have felt the frustration of being outbid. Having an extra card up your sleeve helps your offer stand out from the rest. A Verified Approval Letter (VAL) from Rocket Mortgage® gives you a competitive edge by letting the seller know your finances are secure.1
Let’s take a closer look at what a Verified Approval Letter is, how it can help you become a homeowner and what you need to do to get one.
What Is A Verified Approval Letter?
A Verified Approval is a document that you receive after you've had your income, assets and credit confirmed by our underwriting team, stating that you qualify for a mortgage up to a specified amount. With a VAL from Rocket Mortgage, you can make an offer on a home confidently knowing we’ve done the work to verify your financing.
Verified Approval Letter Vs. Preapproval
It’s important to understand how a Verified Approval Letter differs from a standard preapproval. While other lenders can offer you a preapproval, only the Home Loan Experts at Rocket Mortgage can provide you with a Verified Approval Letter.
Underwriters from other lenders don’t get involved with a standard preapproval, but at Rocket Mortgage, we go the extra mile to provide you with additional peace of mind throughout the home buying process. One of our underwriters will specifically review your documents and issue you a letter stating how much home you qualify to purchase. Having our name and reputation attached to your preapproval could give you a competitive edge over other home buyers.
Verified Approval Letter Vs. Prequalification
There are also important distinctions that should be made between being prequalified for a mortgage and getting a VAL from Rocket Mortgage. With a prequalification, a lender gives you a basic estimate of how much home you can afford based on the financial information you give them.
Unlike with a Verified Approval, a prequalification doesn’t require the lender to verify the information you give them, so there’s a chance they could uncover information that would make you ineligible for a mortgage loan once they begin the actual approval process.