Special offer

What is being Pre-qualified?

By
Real Estate Agent with QUEST REALTY SERVICES

When making an offer on a property in the Orlando, FL area, the seller will usually want some sort of proof that you are able to buy it. If the seller is considering two offers, s/he will probably give more weight to the more qualified borrower.

A borrower that is pre-qualified has provided a mortgage broker or a lender with information about their income, expenses, assets and liabilities. A credit report may also be pulled. 

Having been pre-qaulified by a lender does not put you in a stronger position than being pre-approved, better proof of your ability to buy the property.

For more info contact your mortgage broker who'll be able to help you with your loan needs.

Comments (3)

DDR Realty
DDR Realty - Newburgh, NY
Orange County NY
My office policy is not to show property to any clients who are not pre-approved. Although a pre-approval is not a guarantee that a committment will be issued, it does indicate that there is a good possibility for one to be issued.
Oct 15, 2007 01:23 AM
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors
I agree with Derrick, I DO NOT SHOW ANYONE HOMES THAT IS NOT ALREADY PRE-APPROVED!  Unless they are going to look at one of my listings!  I actually did a post on this!  ARE YOUR BUYERS PRE-APPROVED, DOES IT REALLY MATTER
Oct 22, 2007 12:40 PM
Armando Rodriguez
QUEST REALTY SERVICES - Orlando, FL
Orlando Homes 4 Sale, Real Estate Broker-GRI

Derrick, Michael- I agree with both of you the better qualified the buyer the better the chances of a closing.

Thanks for your comments!

Oct 22, 2007 01:34 PM