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Types
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Prequalified
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Reasons to buy a home
Moving
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How
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"Things To Watch"
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Types of Loans You Should Know
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Buyers' Resource Section:
The Difference Between Pre-Qualified and Pre-Approved.
Current money lending markets are extremely competitive. Mortgage
lenders must have an informal “measuring stick” in order to offer
their clients a product. In order to establish your bargaining power
with lenders you need to get Pre-Qualified for a loan. Thus the
Pre-qualification is the informal measuring stick, and Pre-Approval
is the final word that ensures you want to work with this lender.
When the lender checks and approves your credentials, credit, and
mortgage load this is termed a Pre-Approval.
Pre Qualification- Pre-Qualification
for a loan entails sitting down with a representative and discussing
what you can afford given your down payment, debts, and future mortgage
considerations. This meeting in no way allows the lender to check
up on your credit, job history, etc.
Pre Approval- Pre-Approval is granted
by your lender only upon approval and verification of your credentials,
your income, debt load, credit report, and more. Some Lenders find
the information from your previous tax returns sufficient. Other
requests range from proof of employment, to the need for a co-signer.
The sheer number of options involved in borrowing the money for
your new home do not allow for all facets to be covered here. Talk
to your Agent for more detailed options for you.
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