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Pre-Qualified vs. Pre-Approved

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




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

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


What Is Pre-Qualification?
In both processes, a lender take down your information 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 you might be able to . While a lender for your information, the lender go through the process of verifying your information 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 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 could get a loan for that amount. If a sees that you pre-qualified for an amount approximating the sale price of the , that does communicate amount of credibility but 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 financial history and has agreed to loan you the amount you have been pre-approved for. This carries more weight than pre-qualification and communicates very clearly that your finances are in order and you are in prime position to a that falls within the range of the pre-approved .
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When a sees that you have been pre-approved for the amount of the sale price, that 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 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 potential buyer 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 . 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 sense of credibility in your to a home seller that you cannot achieve through pre-qualification or through pursuing the home first and financing second.This 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, Long Island New York Investors? a 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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