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Pre-Qualified vs. Pre-Approved

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




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

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


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

If you tout that you have been pre-qualified for a particular , it is certainly better than not having any idea of what you can afford. However, it says nothing about your actual ability to get a loan for that and instead says that you could get a loan for that . If a seller sees that you are pre-qualified for an approximating the of the property, that does communicate amount of credibility but not the credibility pre-approval suggests.
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What Is Pre-Approval?
In contrast to pre-qualification, pre-approval is given to a potential 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 order 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 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 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 potential 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 you an idea of what of home you can afford. When you take that meeting, ask about what it might take to get pre-approved for the amount the . Pre-approval not shortens your search 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. is another original 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? a 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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