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Pre-Qualified vs. Pre-Approved

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

 

 

 

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

However, there has been some misconception over the difference between getting for a particular and getting pre-approved for a particular purchase price. mean very and as a is over offer, each 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 afford to pay for a home. A exercise can be seen as more of a rough draft of what you might be able to afford. While a for your , the go through the of verifying your or doing more research into your viability.

If you tout that you been for a particular , it is certainly than having any idea of what you can afford. However, it says nothing about your to get a loan for that and instead says that you could get a loan for that . If a sees that you are for an amount approximating the of the property, that does communicate some amount of credibility but the credibility pre-approval suggests.
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What Is Pre-Approval?
In contrast to , pre-approval is given to a by a that has done significant homework into your financial history and has agreed to loan you the amount you been pre-approved for. This 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 figure.
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When a sees that you 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 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 kind of home you can afford. When you take that meeting, about what it might take to get pre-approved for the amount the . Pre-approval not shortens your search but conveys a 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 Ernst Georges, co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you for an experienced Brooklyn, Queens, Long Island New York Investors? With 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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