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Pre-Qualified vs. Pre-Approved

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




Indeed, getting a frame of reference for your first greatly cut down on amount of time spend through ads and walking through properties a agent. are often time-consuming parts of a and by simplifying them at least somewhat, spend 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 different things 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 a rough estimate of what to pay for a home. A exercise can be seen as more of a rough draft of what you might be able to . While a lender for your , the lender 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 amount, it is certainly than having any idea of what you can . However, it says nothing about your actual ability to get a loan for that amount and instead says that you could 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-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. This carries more weight than and communicates very clearly that your are in and you are in prime position to a that falls within the range of the pre-approved .
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a seller sees that you have been pre-approved for the amount of the sale price, that seller takes your offer as a more credible prospect than a contract that does not have pre-approval attached. Not only can pre-approval save you time during the search 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 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 afford. you take that meeting, about what it might take to get pre-approved for the amount the . Pre-approval not only 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.This is another original article 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 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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