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Pre-Qualified vs. Pre-Approved

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




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

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

If you tout that you have been pre-qualified for a particular , it is certainly 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 seller sees that you are pre-qualified for an amount approximating the sale price of the , that does communicate some amount of but the pre-approval suggests.
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What Is Pre-Approval?
In contrast to pre-qualification, 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 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 figure.
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When a seller sees that you have been pre-approved for the amount of the sale price, 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 when you eventually find that . 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 new 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 . When 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 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, Island New 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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