Local Real Estate February 10, 2023

Approval VS. Pre-Qualification, what’s the difference?

Why you need an approval rather than just a pre-qualification. Hi my name is May Crelan Ray with David Lyng Real Estate. It can end up costing you thousands of dollars if you truly aren’t qualified. I’ve helped save plenty of buyers from making huge mistakes when purchasing that could cost thousands of dollars. A pre-qualification is NOT a true approval its the initial step in the home loan process where you just discuss your financial situation with the loan officer, but nothings verified. The approval is where the buyer actually provides the lender with all of the necessary documentation to tell them what they are approved for, which loan product is the best option for them and give the buyer better idea of the interest rate. You want to go through the entire approval process. The lender has done things like verified your employment, seen your taxes, looked at your bank statements, they’ve truly verified everything you will need in order to let you know how much they will loan you and what your payment will be. It’s essential that you do this, otherwise you could stand to lose your initial deposit and any money that you’ve spent on things like inspections or the appraisal.
Don’t fall into that trap, call me and l’ll walk you through the safest and most strategic way to become a homeowner and don’t forget, there are no fees to have an agent represent you, the seller pays for the buyers agent fees but
I’m are here to protect your best interest.