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Pre-Qualified vs. Pre-Approved

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

 

 

 

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

However, has been misconception over the difference between getting pre-qualified for a particular amount and getting pre-approved for a particular purchase price. 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 will take down your information and provide you a rough estimate of what you to pay for a home. A exercise be seen as more of a rough draft of what you might be able to . While a will for your financial information, the lender will typically go through the process of your information or doing more research into your financial viability.

If you tout that you have been pre-qualified for a particular amount, it is certainly better than 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 probably get a loan for that amount. If a sees that you pre-qualified 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-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. more weight than and communicates very clearly that your are in and you are in prime position to buy a property that falls within the range of the pre-approved .
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When a sees that you have 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 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 quicker.

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As you ponder beginning a search for a first or 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. When you take that meeting, 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. 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, Long Island York Investors? With 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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