… Buyers who are pre-approved

are taken more seriously

than their pre-qualified

counterparts… 

Home Loans

Pre-Qualification VS Pre-Approval

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 One surefire way to reduce stress during the process of home buying is to seek pre-approval, actually applying for a loan before finding a house. The loan originator assembles a credit package that includes a loan application, credit report, income and asset information, and supporting documentation. These documents are then submitted to prospective lenders who underwrite the file, issuing a credit approval or denial.

 

Buyers who are pre-approved are taken more seriously than their pre-qualified counterparts. Pre-qualification is not a loan commitment from a lending institution; it is only a loan agent’s opinion that you will be able to obtain financing. Verifications are not usually made so formal approval is not issued.

 

Pre-approval, on the other hand, signifies that the lender has taken the application through a rigorous procedure. So buyers with pre-approval status can basically write their own ticket.

 

Benefits of pre-approval: 

  • Understanding the breadth of your financial reach will save the time spent looking at houses you can’t afford.

  • Shopping for a loan allows you to settle on a house payment that fits your lifestyle.

  • Having a pre-approval letter from a lender gives you an edge in a situa

     

    tion where multiple offers have been made on a house.

  • Pre-approved buyers can generally close escrow more quickly. Once you submit your credit package, most of the legwork has already been done.

 

Remember, neither pre-approval nor pre-qualification are absolute loan commitments. Lenders must still assess property appraisals, verify information, and, in many cases, verify credit before funding the loan.

 

You can call our team of home buying specialists anytime for advice at 1-888-331-7583 ext. 7, and please remember that you are under no obligation or pressure of any kind.



 

Alice and Steven Pelikant, The Pelikant Group, Keller Williams Executives Realty, LLC

200 W. Plaza Drive, Suite 200, Highlands Ranch, Colorado, 80129

Direct: 1-888-331-7583 ext 7.

e-mail: pelikantrealty@topproducer.com, Web: www.the.pelikantgroup.com