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Pre-qualified or Pre-approved what the difference | Texoma Properties

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Real Estate Agent with Laura Filip Broker , Opening doors for All Seasons of Life TREC # 0488771

Pre-qualified or Pre-approved what the difference | Texoma Properties 

Get pre-qualified, or get pre-approved?

If you're considering the purchase of a  Texoma Property  (home)  you may be concerned with the issue of finance.

Attaining the right mortgage is a key step in the home buying process, but it doesn't have to be a stress-inducing one. Most lenders offer prequalification, pre-approval or both to help you know where you stand. Let me explain the difference between prequalification and pre-approval:

  • Prequalification: Prequalification is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information aren't validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however. 
  • Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.

Regardless of which option you utilize, or even if you take both steps, you'll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?

If you would like more information on how either process can help you get into the home of your dreams, give me a call. I'd be happy to answer any of your real estate needs.

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Pre-qualified or Pre-approved what the difference | Texoma Properties 

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Laura D Filip Broker/Owner CRS,CHMS,CNHS,RCC

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Comments (2)

Tammy Adams ~ Realtor / Podcaster
Maricopa Real Estate Co - Maricopa, AZ
A Maricopa Agent who Works, Lives & Loves Maricopa

Great job explaining this. I think a lot of home buyers get confused and even some agents.

Jul 27, 2014 01:14 PM
Laura Filip
Laura Filip Broker , Opening doors for All Seasons of Life - Whitesboro, TX
What can we do for you today?

Tammy thank you for your reply to my blog. Yes it can be confusing indeed a good loan officer is needed in all  steps of the loan proccess 

Jul 28, 2014 11:07 PM