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Pre-Qualified vs. Pre-Approved

It is becoming more and more common amongst potential home buyers to pursue efficient route possible to a brand home. Instead of going through of scouting out a or collecting flyers, intelligent buyers are instead making a their first stop. Instead of on , getting the first is becoming a much more and simpler way to pursue a home.

 

 

 

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

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


 

What Is Pre-Qualification?
In both processes, a will take down your financial 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 will ask for your financial , the will typically go through the of your or doing more research into your financial viability.

If you tout that you have 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 probably get a loan for that amount. If a sees that you are for an amount approximating the of the property, that does communicate amount of but the pre-approval suggests.
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What Is Pre-Approval?
In contrast to pre-qualification, pre-approval is given to a potential by a that has done significant homework into your and has agreed to loan you the amount you have been pre-approved for. carries much more weight than pre-qualification and communicates very clearly that your are in order and you are in prime position to buy a property that falls within the range of the pre-approved figure.
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When a sees that you have been pre-approved for the amount of the , that seller takes your offer as a much more credible prospect than a contract that does not have pre-approval attached. Not can pre-approval save you time during the search for a home, it can save you time when you eventually find that property. Pre-approval saves the time typically taken to secure financing after an offer is made and can often deliver a home to a potential 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 you an idea of what kind of home you can afford. When you take that meeting, ask about what it might take to get pre-approved for the amount the . Pre-approval not shortens your search but conveys a sense of in your offer to a home seller that you cannot achieve through pre-qualification or through pursuing the home first and financing second. is another original article by Ernst Georges, co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you for an experienced Brooklyn, Queens, Island York Investors? a service based, experience, Ernst Georges 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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