Preapproval vs. Prequalification | The Importance Difference When Buying

Preapproval vs Prequalification | What To Know About Them If Buying A Home

If you’re thinking about home buying, you may have heard words like pre-approval and pre-qualification. Maybe you think they’re interchangeable, but they’re not. So why do you need an approval rather than just a pre-qualification?  It can end up costing you thousands of dollars if you truly aren’t qualified. A pre-qualification is not a true approval. It’s just an initial step in the home loan process, where you discuss your financial situation with a loan officer, but nothing’s been verified. Now the approval is where the buyer actually provides the lender with all the necessary documentation to tell them what they’re approved for and what loan product is gonna be the best option for them. And it’s also gonna get the buyer a better idea of interest rates. Now, you wanna go through the entire approval process ’cause it’s really, really important. The lender has done things like, verified your employment, seeing your taxes, looked at your bank statement, and they truly verify everything that you will need in order to let you know how much they will loan you and what your payment’s gonna be. Now, it’s essential that you do this, otherwise you could stand to lose your initial deposit and any money that you’ve spent on things like inspections or the appraisal. Now, don’t fall into that trap and I’ll be there for you. Just give me a call and let me walk you through the safest and most strategic way to become a homeowner. And don’t forget, it costs you nothing to work with me. The seller’s the one who pays my fees. I’m just here to protect you and your best interest.

 

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