When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.
Being pre-approved will:
- Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
- Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved
- Help you close quickly, since your loan is pre-approved.
As a real estate professional, I have developed a solid network of qualified lenders who are ready to assist my clients with all of their financing needs. These lenders are an important part of my team and crucial to my clients success.
Written By: Akim R. Smyer, Real Estate Associate Broker - Coldwell Banker Residential Brokerage