Pre-Qualification vs Pre-approval

Understanding the breadth of your financial reach will save you the time spent looking at houses you can't afford. Sounds simple doesn't it? It is also a surefire way to reduce stress during the home buying process.

Buyers who are pre-approved are taken more seriously because it signifies that the buyer has made an effort to have his credit rating checked, his outstanding payments reviewed and usually the mortgage lender will guarantee a rate for a period of time. However don't be too hasty to accept your bank's first offer. Many times a mortgage broker can, and wil,l offer you a better rate from the same bank. So it pays to shop around. Now one more thing to remember...neither pre-qualification nor pre-approval are absolute loan commitments. Mortgage lenders still reserve the right to run property appraisals, verify MLS property information, and verify credit before funding the loan.  Follow these simple rules and your real estate process will be a lot less stressful.

 

Other Topics:
Your Realtor & the Flu
Real Estate Statistics 101
Energy Staging Your Home
Head Start on a Successful Real Estate Career

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