What’s the Difference in Mortgage Loan Pre Approval or Pre Qualification
Why learn about home loan pre approval or pre qualification. One common question we are often asked is, what’s the difference between a home loan pre approval and pre qualification?
If you’ve already learned about home loan pre approval or pre qualification, you probably don’t need to look at this again!
It’s crucial to be pre approved for a mortgage home loan, BEFORE making an offer to buy a home! Our Senior Loan Officer Keith Renno explains the difference between being pre-approved and pre qualified.
Why Learn About Mortgage Loan Pre Approval or Pre Qualification
It’s crucial to be pre approved for a mortgage home loan, BEFORE making an offer to buy a home! Our Senior Loan Officer Keith Renno explains the difference between being pre-approved and Pre Qualified.
Many prospective home buyers don’t take the time to learn about home loan pre approval or pre qualification. By not doing so it will hurt their chances of buying the best homes on the market. If buyers really want to buy one of the most popular homes they MUST obtain pre approval first.
You see, just like any great deals, the good ones sell fast! When buying a home, it’s not like you can just grab another exact match off the shelf and buy it!
As our Gregory Real Estate Group home loan expert explains in the video, obtaining pre approval carries much more weight than pre qualification. That’s because when obtaining pre approval the future home buyer provides the loan officer with financial proof of their ability to obtain a home. Once verified, the loan officer can provide the home buyer with a letter of pre approval, which can then be submitted when making an offer to buy a home.
When the home seller receives the offer to buy and sees the pre approval, they are confident, if they accept the offer, the buyer will be able to come through with the loan. This is exactly why it’s so important to learn about home loan pre approval or pre qualification. In this case, what you don’t know can hurt, badly!
Get the Edge Over Your Home Buying Competitors
Depending on the current real estate market, future home buyers may find themselves competing with other homebuyers for the same property. Remember, the good one’s sell fast!
When a nice property appears on the market in a great location, and for a good price, it’s going to receive lots of attention from other buyers.
The home seller wants the highest price possible, but not at the expense of an escrow falling through! They want assurance the offer they accept is solid and the buyer will come through with their funds. When the home buyer submits an offer along with the letter of pre approval, they will have the edge over their competitors.
This is why we always insist our buyers learn about home loan pre approval or pre qualification. When representing you with your purchase our primary objective to enabling you to make informed and accurate decisions. You’ll learn much more, but it starts with learning about home loan pre approval or pre qualification so o you don’t lose that one special to another buyer!
As active Santa Clarita real estate agents, we advise our home buying clients obtain their home loan pre approval whenever possible.
In order to provide help and insights about the home buying process for our Homebuyers Toolbox users, we provide answers to these common questions here on this site. If you’re serious about buying a home, it’s critical to obtain your mortgage home loan pre approval before making an offer to buy.
When buying a home be sure to take advantage of all the information offered covering the entire home buying process. We value your time and hope you found this helpful and enjoyed learning about home loan pre approval and pre qualification.