Better offers two types of letters. The first is a basic pre-approval letter. This letter is based on your stated income and a soft credit pull. We have not reviewed any of your documentation. These letters are great for getting a general sense of what you can afford and can be fine to use in certain markets, where agents and sellers don’t require something more fully vetted.
The second letter Better offers is a verified pre-approval letter. You upload financial documents such as paystubs, tax returns, and bank statements for us to review and we determine the amount of qualifying income and assets we can use based on industry guidelines. This letter is great if you want more certainty about what you can afford and if you are buying in a competitive market where agents and sellers require a more fully vetted pre-approval letter.