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Pre-Qualified vs. Pre-Approved

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




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

However, has been some misconception over the difference between getting pre-qualified for a particular and getting pre-approved for a particular purchase price. These terms mean very and as a seller is over your offer, different and has a very different impact on that offer. 


What Is Pre-Qualification?
In both processes, a lender take down your financial 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 lender for your financial , the lender not go through the of your or doing more research into your financial viability.

If you tout that you have been pre-qualified for a particular , it is certainly than not having any idea of what you can afford. However, it says nothing about your actual ability to get a loan for that amount and instead says that you get a loan for that amount. If a seller sees that you are 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-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 and communicates very clearly that your are in order and you are in prime position to a that falls within the range of the pre-approved figure.
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a seller sees that you have 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 for a home, it can save you time you eventually find that . Pre-approval saves the time taken to secure financing after an offer 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 home, it is a 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. you take that meeting, about what it might take to get pre-approved for the amount the lender suggests. Pre-approval not shortens your search but conveys a sense 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 by Ernst Georges, co-owner of Yanex Real Estate Investing, LLC at http://www.yanexhome.com/. Are you for an experienced Brooklyn, Queens, Island 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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