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Pre-Approval vs. Pre-Qualification

Why you need a pre approval rather than just a pre qualification.

Hi, I'm Danielle Scott with Keller Williams Realty. It can end up costing you thousands of dollars if you truly aren't qualified. You can avoid making a huge mistake when purchasing by making sure you have a pre-approval.

A pre qualification is not a true approval, it's the initial step in the home loan process where you just 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 give the buyer a better idea of the interest rate.

You want to go through the entire approval process. The lender has done things like verified your employment, seen your taxes, looked at your bank statements. They've truly verified everything you will need in order to let you know how much they can loan you, and what your payment will be. 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 an inspection or appraisal.

Don't fall into that trap. Give me a call, and let me walk you through the safest and most strategic way to become a homeowner, and don't forget, it's free to have an agent represent you. The seller pays for my fees. But I am here to protect your best interest.

When you do what you love, people love what you do.

I'm Danielle Scott, let's make it a great home buying and selling day.


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