Okay, after covering down payment, income, and credit in Parts I, II, and III, let’s move on to the fourth important question.

Question #4: Are You Pre-Qualified or Pre-Approved?

When I speak with Realtors, there is inevitably some question about the difference.  And lenders will frequently take advantage of the confusion.

An agent of mine recently had a deal fall out at the 11th hour with a client whose lender had provided a pre-approval letter with the original offer.  When my angry agent confronted the lender, the lender shrugged and laughed as if to say hey, I lied, so what.  

To avoid that type of deception, here’s a convenient place to draw the line in the sand.  

finish this short article