If I am buying a home, do I want to be Pre Approved or Pre Qualified by the lender? If you are a serious buyer, you will want
to do virtually everything that you can to insure that when you pull the trigger to actually write the contract to purchase your dream home, that the deal will go all the way to closing. You would never want to gamble over something as serious as this. A few extra hours of time in the initial stages of the process can put you in your dream home for a lifetime instead of wishing that it would have come true. A good Realtor will be able to give you good council so that when the time comes, you will be ready. I can tell you that I have seen on more than one occasion where a buyer has not taken the lender or Realtor's advice to make sure that they could actually secure the mortgage. In assuming that they could, they have lost out on the home of their dreams. It has saddened me to see this happen but at some point, there is only so much that your trained full time Realtor can do.
As a trained full time professional that always puts my clients interests first, I will ALWAYS ask if you are Pre-Approved and not just Pre-Qualified. Pre-Qualification and two dollars will get you a medium sized coffee at Starbucks but may not get you into your dream home. Most potential buyers are innocent in regard to this information because they do not work with it on a daily basis like a Realtor does. The rules are always changing and it is my job to keep up with those changes in order to serve you to the best of my ability. If I have not made you the buyer aware of these things then I have NOT done my job adequately. We really want to streamline the process for you and make everything as easy as possible...having your financial status in proper perspective will increase the odds of actually being able to complete the transaction.
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