Pre-Approval vs Pre-Qualification
Why do you need an approval rather than just a pre-qualification?
It can end up costing you thousands of dollars if you truly aren’t qualified. We’ve helped buyers from making huge mistakes when purchasing that cost thousands of dollars. A pre-qualification is not a true approval. It’s the initial step in the home loan process where you discuss your financial situation with the loan officer, but nothing is verified. The approval, is where the buyer actually provides the lender with all the necessary documentation to tell them what they are approved for, which loan product is the best option for them, and they know exactly what the interest rates📈 will be. You and your money are protected when you go through the entire approval process. The lender verifies your employment, see the taxes, and assesses your bank statements.
It’s essential that you do this, otherwise you could stand to lose your initial deposit and any money that you spent on things like inspections or the appraisal. Let us walk you through the fastest and the most strategic way to becoming a homeowner. Don’t forget it’s free to use our agency to help you. We represent you, and the seller actually pays for our fees and know that you are protected. Reach out to us today if you are ready to find your dream home!
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