Feeling Stressed Out

Feeling Stressed Out

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Get pre-qualified, or get pre-approved?


If you're considering the purchase of a new home, you may be concerned with the issue of finance. Attaining the right mortgage is a key step in the home buying process, but it doesn't have to be a stress-inducing one. Most lenders offer pre-qualification, pre-approval or both to help you know where you stand. Let me explain the difference between pre-qualification and pre-approval:

  • Pre-qualification: Pre-qualification is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information aren't validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.

  • Pre-approval :Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional

Regardless of which option you utilize, or even if you take both steps, you'll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?

If you would like more information on how either process can help you get into the home of your dreams, give me a call. I'd be happy to answer any of your real estate needs.



Heather F Davidson Headshot
Author:
Phone: 609-209-7581
Dated: January 19th 2016
Views: 345
About Heather: I'm an agent whose business is built on the promise of exceptional customer service. If you are sel...

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RE/MAX Tri County
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