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Pre-Qualified vs. Pre-Approved

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

 

 

 

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

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


 

What Is Pre-Qualification?
In both processes, a take down your and provide you a rough estimate of what you can 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 . While a for your financial , the lender typically go through the process of verifying your or doing more research into your financial viability.

If you tout that you been pre-qualified for a particular , it is certainly better than having any idea of what you can . However, it says nothing about your to get a loan for that and instead says that you probably get a loan for that . If a sees that you are pre-qualified for an approximating the of the , that does communicate 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 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 carries much more weight than pre-qualification and communicates very clearly that your finances are in and you are in prime position to buy a that falls within the range of the pre-approved .
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a sees that you been pre-approved for the amount of the , that takes your offer as a much 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 for a first or new home, it is a idea to first see a lender that can examine your financial situation and you an idea of what of home you can . you take that meeting, about what it might take to get pre-approved for the amount the . Pre-approval not only shortens your 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 article by , co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you for an experienced Brooklyn, Queens, Island New York Investors? With a service based, 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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