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Pre-Qualified vs. Pre-Approved

It is becoming more and more common amongst home buyers to pursue the to a brand home. Instead of going through the of scouting out a neighborhood or collecting flyers, intelligent buyers instead making a lender their first stop. Instead of spending hours on the wrong home, getting the first is becoming a much more and simpler to pursue a home.




Indeed, getting a frame of reference for home search first can greatly cut down on the amount of time you spend looking through ads and walking through properties a real estate agent. often the time-consuming parts of a home search and by simplifying them at least somewhat, you can spend more time on homes suited to situation.

However, has been misconception over the difference between getting for a particular amount and getting pre-approved for a particular price. terms mean very different things and as a seller is looking over , different and has a very different impact on that


What Is Pre-Qualification?
In both processes, a lender will take down your and provide you a rough estimate of what you can afford to pay for a home. A pre-qualification exercise can be seen as more of a rough draft of what you might be able to afford. While a lender will ask for your financial , the lender will go through the of your or doing more research into your financial viability.

If you tout that you been for a particular amount, it is certainly than having any idea of what you can afford. However, it says nothing about your to get a loan for that amount and instead says that you could get a loan for that amount. If a seller sees that you for an amount approximating the of the , that does communicate amount of credibility but the credibility pre-approval suggests.
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What Is Pre-Approval?
In contrast to pre-qualification, pre-approval is given to a buyer by a lender that has done significant homework into your financial history and has agreed to loan you the amount you been pre-approved for. This more than pre-qualification and communicates very clearly that your finances are in and you are in prime position to a that falls within the range of the pre-approved .
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a seller sees that you been pre-approved for the amount of the , that seller takes your as a much more credible prospect than a contract that does not pre-approval attached. Not can pre-approval save you time during the search for a home, it can save you time you eventually find that . Pre-approval saves the time taken to secure financing after an offer is made and can often deliver a home to a buyer quicker.

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As you ponder beginning a search for a first or home, it is a idea to first see a lender that can examine your financial situation and give you an idea of what of home you can afford. you take that meeting, ask about what it might take to get pre-approved for the amount the lender suggests. Pre-approval not shortens your search but conveys a sense of credibility in your offer to a home seller that you cannot achieve through pre-qualification or through pursuing the home first and financing second.This is another original by , co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you looking for an experienced Brooklyn, Queens, Island York Investors? a service based, business experience, and Partners work hard to serve home buyers and sellers for the Kings, Queens, Nassau and Suffolk Counties and surrounding areas.


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