"How do I know what price range to look in?"
"How do I make sure my offer is accepted?"
These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by your lender, but it also strengthens your position at the negotiating table, especially in a multiple offer situation.
Pre-qualification
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Provides a "ballpark" estimate of your buying power
- Is based on summary information you provide on your income & assets (not yet verified)
- Requires satisfactory review of property, financial documents and program requirements to issue final approval
Pre-approval
- Provides proof to real estate agents & sellers that you're pre-approved for a specific loan amount
- Is based on verification of your income, credit and assets
- Requires a satisfactory appraisal and title review and no change in financial condition for final approval
If you are looking at foreclosures, being Pre-Approved vs Pre-Qualified will greatly increase the chances of your offer being accepted by the REO company.
Strengthen your offer and get Pre-Approved for your new home purchase, call (404) 591-2453.
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