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Pre-Qualified vs. Pre-Approved

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




Indeed, getting a frame of reference for your home search first can greatly cut down on the amount of time spend looking through ads and walking through properties a agent. often the most time-consuming parts of a home search and by simplifying at least somewhat, can spend more time on homes suited to your situation.

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


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

If you tout that you have been pre-qualified for a particular amount, it is certainly 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 probably get a loan for that amount. If a seller sees that you pre-qualified for an amount approximating the of the , that does communicate some amount of but not the pre-approval suggests.
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What Is Pre-Approval?
In contrast to pre-qualification, pre-approval is given to a buyer 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 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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When a seller sees that you have been pre-approved for the amount of the , that seller takes your as a 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 . Pre-approval saves the time taken to secure financing after an is made and can often deliver a home to a buyer quicker.

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As you ponder beginning a search 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 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 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 looking for an experienced Brooklyn, Queens, Long Island New York Investors? a service 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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