Friday, January 19, 2018
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Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
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What is the difference between loan pre-approval and pre-qualification?

Checkbook Pre-approval and pre-qualification are steps you can take to line up your mortgage loan before you start house hunting. They are different, so read on:

Pre-approval:
  • is actually applying for, and getting, a conditional commitment for a mortgage loan up to a specific amount of money.
  • is usually good for 60-90 days.
  • applies, even though you might not have chosen the home you will buy.
  • often requires a loan application fee.
  • gives you bargaining power, because it tells the seller you are ready to buy and able to get financing.
Pre-qualification:
  • is the result of a lender taking a cursory look at the buyer's income, credit history and assets.
  • states the buyer probably could afford to buy up to a certain limit.
  • does not include a loan commitment.
  • tells sellers you're serious about buying and their house is in your price range.
  • usually costs no more than the credit report fee.
Some advantages of pre-qualification and pre-approval are:
  • A pre-approval or pre-qualification can speed closing because the paperwork for the loan has already been started.
  • You will begin learning about the financing process, and any problems that might arise can be resolved early.
  • You know in advance how much you can borrow.
  • Your offer is more attractive to the seller, because the seller won’t have to guess about whether you can afford the house.
Where do you begin when it's time to look for a new house? Start by calling or e-mailing us with your home-buying questions. We can give you an idea of how much home you can afford to buy, then you can follow up with your local lender.
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MAGIC Improve Your Chances Of Getting The Right Loan
MORE FOR LESS Six Tips For Getting The Best Loan
IDLE EQUITY Put Your Home's Equity To Work With Six Savvy Strategies
MORTGAGE Insider's Guide To The Latest Home-Loan Opportunities
SHELTER Six Little-Known Ways To Help Relatives Finance a Home
QUALIFIED How Much House Can You Really Afford?
OPTIONS Ten Savvy Ways To Pay For A HomeToday
LOWER RATE Seven Smart Ways To Reduce Your Mortgage
CREDIT REPAIR How To Move From Rejection To Approval
WHY REFI Five Great Reasons To Refinance Today
 
       
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