Buying a home in Indiana, Lender Pre Qualification or Pre approved

Real Estate Agent with MSWoods Real Estate, LLC RB14037942

Buying a home in Indiana The Lender Pre- Qualification and Pre-approved The difference and does it really matter?.      

What’s the difference between pre-qualification and pre-approval?

Pre-qualification is a simple and fast process. The buyer is asked specific questions about their income, assets and liabilities.  They will run a credit report to see if your credit qualified to buy. Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a over the phone or over the internet. This will also tell the buyer the price range of a house they can qualify to buy. 


A pre-approved buyer is one who is actually approved for a loan of a certain amount.  Preapproved buyers are what Sellers and Real Estate Agents Like to see.  The pre-approval process is much more involved.  The borrower will provide proof of income, assets and liabilities and this information will be verified by the lender.  Because of this verification, pre-approved buyers are much more attractive to sellers than pre-qualified buyers.  A Pre-Approved Buyer can close much faster because they have already went through the loan process. 

When starting your home search start with getting pre qualified at the very least so you will be looking at homes with your Real estate agent that you actually qualify for. 

I'm the Real Estate Agent to help you in the home buying process.


Posted by

Shannon Thomas Realtor

msWoods Real Estate, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Search for homes in Indianapolis Now!

Building Relationships Selling Homes!

Shannon M Thomas NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

   Cell: 317-681-4044  Preferred

web: Real Estate




This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Indiana Hendricks County Avon
Posts to Localism
real estate agent
credit score
credit report
home buying
buying a home in indiana
lender pre qualification
lender pre approved

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Because of new RESPA rules lenders are hesitant to give pre approvals.

Apr 13, 2010 07:24 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Shannon Thomas

Real Estate Broker, E-Pro, ABR, SFR
I Want to sell my home!
Spam prevention

Additional Information