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Pre-Qualified vs. Pre-Approved

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

 

 

 

Indeed, getting a frame of reference for your home first greatly cut down on the of time spend looking through and walking through properties with a . These are often the most time-consuming parts of a home and by simplifying them at least somewhat, spend time on homes better suited to your situation.

However, there has been misconception over the difference between getting pre-qualified for a particular and getting pre-approved for a particular price. These mean very and as a is looking over your offer, term conveys something different and has a very different impact on that offer. 


 

What Is Pre-Qualification?
In both processes, a lender take down your information and provide a rough estimate of what to pay for a home. A exercise can be seen as more of a rough draft of what you might be able to . While a lender ask for your information, the lender not typically go through the of verifying your information or doing more research into your viability.

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

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As you ponder beginning a search for a first or new home, it is a great 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 only shortens your search but conveys a of 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 article by Ernst Georges, co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you looking for an experienced Brooklyn, Queens, Long Island New York Investors? With a based, business 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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