THERE’S A BIG DIFFERENCE BETWEEN BEING PRE-APPROVED AND PRE-QUALIFIED.
Home buyers who get pre-approved have submitted documentation and their application have been put through a rigorous process. Pre-qualification is only a preliminary assessment of a borrower’s ability to qualify and requires more time, documentation and examination to confirm eligibility
Home buyers who choose pre-approval and pre-qualification will have different experiences in the shopping process…
Pre-Approval = Commitment
- Time to shop and compare loan options
- Qualifications reviewed and verified by lender
- Confidence in affordability
- Can close quickly
Pre-Qualification = Estimate
- Lose leverage to shop and compare loans and homes
- May waste time looking at homes out of price range
- Purchase offers less attractive to home sellers – especially in multiple offer situations
- Must wait for review and verification by lender
LET’S TALK ABOUT YOUR OPTIONS.
We can put time on your side and help you get prepared to have the best possible experience. Contact one of our experienced mortgage loan officers to take the first step towards your new home.